Too little to late.
Already emptied and in Tandem at 5% AER
See what happens after the next round of rate rises, which are bound to come.
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Moved 98% of mine from Chip to Tandem a week or so ago on the 5% offer. I expect another 0.25% from BOE at the next meeting so hope for little bit more from Tandem then.
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Ah that makes sense, wondered why I was seeing a different rate.
Chip are masters at conning/enticing the crowd; yet another crowdfund dangling the carrot of a VC.
Their saving grace is they’ve pulled an equally large masterstroke capitalising on the base interest rate rise to boost their important metrics.
Update from Simon today:
Reflecting on our journey over the last 10 months, Chip has had an unbelievable year filled with remarkable achievements.
Our assets under administration have grown 10x to over £3 billion. We’ve achieved our first month of profitability and our annual recurring revenue is on track to hit £20 million, year to date EBITDA -£1.95m, EBITDA Q3 +£524k. To build on this phenomenal growth, we’re opening up our crowdfund to let our new users invest in Chip and join our journey.
This round values Chip at £167,860,000 representing a 35x increase in the value of the business since our first crowdfund in 2017.
Our new share price is £2.026272, which represents a 12.75% uplift in the value of your shares since our last priced equity round in March 2022. If you invested in our first crowdfund, you’ve seen an uplift of more than 815%.
As you know, our 27,000+ crowd investors are one of the greatest assets this business has, and we regularly receive emails from new customers asking if they can join our community.
We therefore will be targeting this investment at allowing our new customers to join the shareholder community too.
So, the board has taken the decision to open up an allocation of investment to allow our new customers to become investors in the business too. As existing investors, I want you to be the first to know about this exciting news, which will enable Chip to grow even faster.
Pre-emption rights are reserved for the A-Ordinary shareholders, however the board will allow existing B Investment & B Voting shareholders the opportunity to grow or maintain their existing stake too.
This will enable you to prevent dilution of your holdings and maintain or increase your percentage stake in the company under Article 4.2 of the company Articles of Association.
As you will have seen from our recent shareholder update, we believe Chip is in the strongest position it’s ever been in and has no immediate need to raise further Capital. However, the board is carefully assessing the potential added value of a strategic investor offering existing investors the opportunity to sell shares in the coming months.
This crowdfunding round in particular is focused on enabling new investors to join our journey.
Source: [Crowdfunding] Chip - #59 by TickTock - Startups Crowdfunding 🔨 - Freetrade Community
It is interesting that they are doing this at the point of peak interest, presumably they will need to start bringing their rate down soon which may cause customers to go elsewhere? I literally just have my savings in there because of the rate, the minute someone else betters that rate I will be gone.
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I’m surprised - I just don’t get what is so interesting about this company at any level?
That minute was weeks ago 
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I’ve taken my eye off the ball savings-wise recently. That being said, the minute is here and so my money is leaving Chip. 
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Where too next, any ideas?
I wanted an easy access for now, so just moved it to Metro Bank (5.22% for a year, £500+).
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Thanks. That’s a good rate
I’ve been skeptical of Chip for years but credit where it is due is needed from me; they’ve blown every metric out of the water in terms of turnaround and have overtaken Plum and are on par with Freetrade in terms of topline/bottom line. It’s a masterstroke whatever interest revenue share agreement they have going with Clearbank, without themselves having to be a bank.
Still wouldn’t invest personally but nice to watch them develop from the sidelines. They intend to run at a loss next year.
Pinched a response from Crowdcube and this makes sense (5% of rate sensitive customers chased better rates, the rest are quite sticky atm). Will be interesting to see how customers react to any drops in current rates nonetheless.
I’m one of the 5% then, clearly. My account has been empty since August. Not renewed the Open Banking connection either. No need to
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Am I missing something as I just checked and Metrobank offering 1 year savings account at 5.91%
I assume that is a fixed-rate one? I needed easy-access for now.
Yes this is 1 year fixed
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Just done the same
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Just opened an account as well. Transfer from my Santander (5.08%) commences tomorrow.
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Pretty easy process especially as I already have my main bank account with Metrobank