They charge £1 if you auto-save £100 within 30 days
Tbh that £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
Doesn’t that make them more expensive than Monzo pots? Don’t really see much value here on the first glance.
Does anyone have a link to the crowdfunding? As a new investor I cant see it yet
Thank you @yomz10
Likewise, and delighted I did. Things progressing very nicely and I expect the valuation for this round (based on VC entering in part 2 of this raise) to be approx same as Freetrade. Today’s launch (part 1 of this raise) already at £3.2M after 8 hours from existing investors of 11,000 and with 25,000 registered this will close at the hard close of £5M (pre 100% matching) in next 24 hours I reckon.
@Lucas, I could not agree with you more. All the gain are on paper, it is very unfortunate that one of us could ever exit from our investment unless company went IPO or being bought by other huge company. Look at Wirecard for example… whatever 100X or 1000X in the past, is worthless nowadays.
I would invest into Plum on Seedrs platform where we could sell our shares via Secondary Market.
It looks like a very successful Convertible Note campaign to raise this much. Well done the team.
Chip’s valuation vs. number of investors is quite interesting compared to other fintech…a shame they don’t value convertible rounds. Wonder what the pre-money value will have been?
Total addressable market (“TAM”) is large, £10tn is held in savings in europe.
I can see what you mean but this nonetheless seems quite a disingenuous statement.
Indeed and I’d say it’s approx same as Freetrade ~£120-150M is my best guess, meaning I think the convertible being pegged to £80M represents an excellent deal for investors in this round…
Their video looks like a copy-paste from FT’s crowdfunding video. Not sure if it’s only me who sees that
Oh oh! The secret is out! So are we saying Freetrade and Chip are actually the same company and that Simon and Adam are actually the same person
Just received an email from Chip…they are re-opening today at 12pm.
After getting £10+ million from 6,000+ investors on a £2 million target you’d assume they had enough? Crowdcube is doing quite a good job to market their large raises…with count down, short deadlines and everything. Looks more like gambling than investing sometimes.
They say "20,000 people who missed their opportunity to invest. "…will they get more investors than Monzo?
Can anyone explain their rationale for investing, please?
I am putting them in the same basket as GoHenry - great product but too much of a niche to merit a standalone app. What is the unique proposition here?
Any decent neobank should provide same functionality.
i think mass market wealth management without legacy issues that traditional saving accounts (banks) have is what they are aiming to do