Chip's Series B: crowdfunding round due diligence

Looks like the investor link is uncapped with public capped:

ā€œYou can invest an uncapped amount for the first 72 hours after you receive your private link. Then from Monday 16 September, a Ā£1,200 investment cap will apply if there is any allocation remaining.ā€

There’s Dozens … and Wealthify ads all over the tube. What’s going on

That’s a waste considering they’re switching to VISA.

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Chip’s raise is in private mode for existing investors until Monday, which is why I guess it’s showing as 3 days.

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They are at 1.3m already

In less than an hour, by previous investors only.

Ā£1.6 mil now. They at Ā£37m pre are attracting that whole ā€˜please be the next Revolut’ vibe.

Raised £2M+ now

Not yet. Uncapped allocation for existing investors ends at noon today, it will then be opened up to the Chipmunk community - ie active users who signed up for testing and other activities. £2.1m raised so far.

ā€œAs existing shareholders, you still have the opportunity to invest an uncapped amount until 4:00 PM today. We’ll be opening up the crowdfund to our wider community of ChipMunks and savers later this week (if there is any allocation from our Series B remaining). This cap will give our entire community a fair chance to invest in Chip.ā€

I don’t remember how someone would qualify as a ā€œChipmunkā€.

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Currently via investing Ā£600+. I’m not an investor and don’t intend to invest but it’s pretty poor imho you can’t even join their online communities if you invest less than Ā£300.

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Anyone can join their forum, but only investors of Ā£300+ can request access to their hidden ā€œinvestorsā€ sub-forum, as far as I am aware.

That’s what’s poor. Anyone who invests should be allowed; such an arbitrary threshold is exclusionary for little good reason I bet.

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Got clarification that any investor of any amount can get access to the investor forums.

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Chip is now open for all.

I expect this next round will be another Crowdcube-busting-fintech-market-overload frenzy Ć  la Moneybox in July 2020.

Excited to see Chip’s financials when they come out today.

Their burn is VERY high (team of 70, only started making revenue this summer, negative gross margins by self-funding 0.5% of their 1% interest payout)…

But growth is v impressive. Low CAC. Classic fintech. I’ll probs invest. :joy:

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How do they plan on making money? Couldn’t find anything on that.

They charge £1 if you auto-save £100 within 30 days

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Tbh that Ā£1 probs just covers Chip’s transaction fees

I invested in round 1 my concern always have been their ability to get vc funding I may be proven wrong shortly :sweat_smile:

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