Ah yes. It is playing on the FOMO and the inherently optimistic nature of the human mind that extrapolates good stories ad infinitum. They smartly anchored themselves to the 1-2 outliers of the fintech world that are wildly succesful.
Like I said, excellent marketing. I just wished they apply this to the actual customers and growth, not to raising money.
I found that to be quite off-putting actually and is the main reason I decided not to invest.
I didn’t reinvest in Chip because the messaging and the product tiers feel less clear these days.
I think I have followed every one of Chip’s round on CC, but couldn’t get myself to invest in the company.
Early on, their business model wasn’t very clear and that’s why I’m not surprised that they keep on crowdfunding this frequent to support their growth. They were and still are not very responsive to or vague if they do answer, tough questions on the Discussions.
This time around, I feel that they play too much marketing tricks which are to me bordering on being misleading. One is that all ordinary A investors who invested in the private part of this round were lumped together as one? Making it appear to those who don’t look closely that an entity is investing over 3m! Why the need to do that? Is it because they couldn’t get a single VC to support them?
How about that Yates guy they announced as an investor? They couldn’t clearly answer if they offered that guy shares and then promoted him as an investor. They could not answer straight if the guy used his own money to buy Chip shares. Simple question.
There are several other stuff I would consider as red flag to me too. But yes they are very good marketers, enough to entice everyday investors to invest in them, but apparently no VC yet.
Well, good luck to those who invested in them. I hope many of us who felt the same way are wrong on this, and those who invested their money in Chip would get handsome returns.
VC’s are not the be all and end all. Chip are very very good at monetising and incentivising their customers. I also like the fact that they count an active customer as someone with a positive balance as opposed to the curve/Plum nonsense that is anyone who downloads the app and connects their bank,which does not tell you how many do not connect again after 90 days.
Have a look at the Plum raise on Crowdcube particularly the last 5 or 6 questions,the vagueness of the answers are astounding.
Reddit I think is the best format for discussing crowdfundings as you can post each news article as a topic. I looked at starting a crowdfunding subreddit off this comment, but looks like there’s already one: https://www.reddit.com/r/equity_crowdfunding/
Chip shared this in the campaign. I remember it from an early campaign and it has the old Revolut logo. They were around 150 during this latest campaign (now 75).
It’s a small part of the raise, but another stretch as the wording really doesn’t fit with a picture from 3 years ago I.e. pre covid.
I’m just curious what makes you say that Chip are kicking Plum’s bum at the moment? Thanks!
With all these noise and claims from Chip and other savings app, I wonder why Money Dashboard kept winning the Best Personal Finance App in the British Bank Awards (2017, 2018, 2020, 2021)?
2019 was very important
mind to share their pitch deck, i missed it
I was talking specifically about the money raised. The answers from Plum regarding customer numbers is astoundingly vague to say the least. They don’t have the licences to operate in the EU either,but are almost making out they are available in Spain etc.
I find that very strange also,I invested in MD about 2 years ago. The updates you get are few and far between,they just seem to trudge along. I think the new Neon App release has been a massive challenge for them,it has been very difficult running two apps at the same time Classic & Neon
Anyone got any opinion on Renterz? - Redirecting to /login?redirect_to=L2NvbXBhbmllcy9yZW50ZXJ6L3BpdGNoZXMvYlhkZ3pi
I personally stay away from the property market. It’s a jungle!!
I stay away from anything that has a z instead of an s in the name; it’s usually all they have.
Both @RumpelStiltSkin & @lizmcp have summed this up perfectly. Scroll up a bit and someone else asked about it. I don’t like the fact they’re appealing to renters when the revenue is generated by landlords.
This is a very good point
does anybody have an update on when Freetrade plans their crowdfund?
Thanks @RumpelStiltSkin
I found a review of MD published just yesterday. Seems positive for MD. I wonder how many users they have at the moment.
