Chip's Series B: crowdfunding round due diligence

Looks like the investor link is uncapped with public capped:

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

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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https://www.crowdcube.com/companies/chip/pitches/q4nvDZ

Showing as only 3 days left .

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.

£1.6 mil now. They at £37m pre are attracting that whole ‘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.

“As 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.”

I don’t remember how someone would qualify as a “Chipmunk”.

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Currently via investing £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 £300.

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Anyone can join their forum, but only investors of £300+ can request access to their hidden “investors” 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.


Looks like they are also adding bonds. Attached is the screenshot from demo link of Chipx.

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I didn’t invest in this but pre-registered.

Dear future Chip investor,

This is your opportunity to invest in Chip, one of the UK’s fastest growing fintechs, and own shares in our company as we grow.

On Wednesday we’re going live with the first batch of private links to our investment page on Crowdcube.

If you’re not one of our existing 11,000 investors, your batch will most likely be at the end of this week. But don’t worry, we will give you 24 hours’ notice. When you receive access to the page you will have exclusive access to invest, but for a limited time only.

To invest in Chip you will need to open a Crowdcube account beforehand, so you don’t miss out when the link arrives.

We’re expecting a very high volume of investors and we don’t know how long the allocation will last. Over 20,000 people have requested access so far and we don’t want you to miss out.

Investing in Chip will give you a central role as we build the best savings app in the world. Your feedback on important product decisions, advice on how to create great Chip features, and you spreading the word amongst your friends, will be key to our continued success.

However, we’re also aiming to achieve a great financial return so here’s a little peek at Chip’s path to becoming the UK’s next fintech unicorn (a tech business with a £1 billion+ valuation).

Our growth

It was our ambition to hit 250,000 savers by the end of 2020, despite this year being like no other, we have hit our 2020 targets already.

Chip is now sitting on 280,000 users and we’re not slowing down. Whilst COVID has been hard for some businesses, for Chip it has led to acceleration. As a fintech focused on saving rather than spending, we have found ourselves enormously in demand, as a mobile-first generation starts thinking about their long term financial goals.

Chip’s growth is driven by the product itself. We now offer one of the market’s highest returns for FSCS-eligible savings (0.9% going up to 1%).

On top of the returns, our data science team has honed an algorithm we believe is on par with expert wealth managers. This will make Chip the app of choice not just for saving up, but for managing wealth, ISAs, investment funds and even pensions.

We are confident these USPs create a product proposition that sells itself, leading to fantastic viral growth.

It is our ambition in the next month to launch the best return in the market and for Chip to be the obvious winner in our space. We’re ready to accelerate our growth even further and help millions save billions.

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I expect this next round will be another Crowdcube-busting-fintech-market-overload frenzy à 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.