Fintech Chip Seeks £7.3 million Following £3.8 million Crowdfunding Round

Chip, a Fintech that claims to be one of the most crowdfunded businesses in the UK, is raising £7.3 million following a previous £3.8 million crowdfunding round on Crowdcube.

Chip recently sold a 9.39% equity stake in the company to 6897 individual investors at a pre-money valuation of £36.78 million. Today, Chip reports over 10,000 investors. Chip’s offering ran for three weeks in September and is said to be Crowdcube’s most participated-in crowdfund ever, with 7,182 investors (although the offering page shows 6897 investors).

Chip is an “AI powered app that helps you save” money. Chip’s goal is to build the “best savings account in the world.” Chip reports over 153,000 accounts and has processed more than £130 million of savings. Chip leverages Open Banking to connect directly to your bank account and then automatically places money into your savings. According to Chip’s website, you withdraw the money whenever you want.

The additional funding will be used to launch an in-app marketplace for returns products, and offer all Chip customers access to market-leading rates and FSCS protected accounts.  The company is planning to use some of the money to scale Chip’s capacity to handle large volumes of customers, by both expanding the team and refining infrastructure.

ChipX says the marketplace of “returns” products can deliver up to 9.6% returns at differing risk levels. The marketplace will include bonds, P2P products, and more. In a historically low-interest-rate environment, those types of returns look pretty good.

Many P2P platforms have positioned their offerings as providing better risk-adjusted returns while delivering decent liquidity.

Raisin, a Germany based Fintech, is already providing a marketplace for savings accounts targeting a similar market so it will be interesting to see how Chip’s marketplace evolves.

Chip has made a number of senior hires, including:

  • David Kavanagh, Chief Technology Officer (former CTO of Purplebricks)
  • Sharon Miles (COO), former Innovation Director of a B2B fintech unicorn Deposit Solutions, as well as Barclays and LeasePlan
  • Gerard Hurley (CCO), former compliance lead at Funding Circle, as well as an ex FCA regulator
  • Gary Dolman (Board Advisor), Co-Founder of Monzo and recently retired from CFO role

Kavanagh says the savings market is archaic, broken and ineffective. “People want more from their savings accounts, so they are voting with their capital,” he explains.

Simon Rabin, CEO of Chip, says the most powerful way for Chip to grow is to have thousands of investors advocating for the product they believe in.

“It’s amazing to have this many Chip savers as investors in the company. We’ve proven there’s a big demand for Chip, and we’re ready to scale – we’re going to use our investment to grow and deliver a product that will fill a huge gap in the market. Many of the other big names in fintech are focussed on making spending easier. Monzo have the current account, Curve are disrupting credit cards, Revolut have the travel card, but Chip… Chip is for saving.”

 

Update: Chip Set to Close Latest Crowdcube Round With More Than £3.9 Million in Funding

AI-powered automatic savings account mobile app, Chip, is set to close its latest equity crowdfunding campaign on Crowdcube with more than £3.9 million secured. The funding round was launched at the end of September and quickly secured its initial £1 million funding target. Chip is offering 9.60% in equity at a £36,786,000 pre-money valuation.

As previously reported, Chip is a savings app that is designed to help users save money and feel good about it. The automatic savings app does all the hard work to make saving money as easy as spending it. The company reports that its services connect to current accounts, saves automatically, provide what it claims to be the best possible returns and may reduce the cost of borrowing.

“Chip connects to your current account, saves automatically and provides the best possible return. The average UK adult saves only 1.7% of their income, earns less than 1% on savings, but spends 3.54% of income paying interest on overdrafts, credit cards, and loans.”

Since its debut in 2017, Chip now has 153,000 users, processed over £130 million in saves and offered market-leading interest rates. The company also revealed:

“Following their last funding round (previously Crowdcube’s most popular investment of all time by number of investors), together with their investor community they’ve rolled out a new version of the app, doubled the user base, quadrupled the team and have 50,000 people in the queue for their returns platform ChipX.”

Funds from the latest Crowdcube round will be used to double the Chip team and expand ChipX in the €10 trillion European savings market and beyond. The campaign is set to close later this evening.

Chip Returns to Crowdcube & Quickly Raises £3.4 Million in Funding

Less than a year after raising  £3.4 million through its previous Crowdcube round, AI-powered automatic savings account mobile app, Chip, has returned to the equity crowdfunding platform. Originally seeking £1 million, the company quickly surpassed the funding target has now raised over £3.4 million from over 5900 investors.

As previously reported, Chip described itself as a savings app that is designed to help users save money and feel good about it. Its an automatic savings app that does all the hard work to make saving money as easy as spending it. The company reports that its services connect to current accounts, saves automatically, provides what it claims to be the best possible returns and may reduce the cost of borrowing.

“Chip connects to your current account, saves automatically and provides the best possible return. The average UK adult saves only 1.7% of their income, earns less than 1% on savings, but spends 3.54% of income paying interest on overdrafts, credit cards, and loans.”

Since launch in 2017, Chip reported it has grown to 153,000 users, processed over £130 million in saves and offered market-leading interest rates. Chip also revealed:

“Following their last funding round (previously Crowdcube’s most popular investment of all time by number of investors), together with their investor community they’ve rolled out a new version of the app, doubled the user base, quadrupled the team and have 50,000 people in the queue for their returns platform ChipX.”

Funds from the latest Crowdcube round will be used to double the Chip team and expand ChipX in the €10 trillion European savings market and beyond. Chip is currently offering 8.52% in equity at a £36,786,000 pre-money valuation.  The campaign is set to close next week.

Money Management App Money Dashboard Announces Integration with Revolut, Chip and Marcus by Goldman Sachs

Money Dashboard, a UK-based online personal financial management service, announced on Tuesday it has released integrations with three new account providers – Revolut, Chip, and Marcus by Goldman Sachs. According to Money Dashboard, the integrations help consumers track spending and progress towards their savings goals in real time.

Through the integrations, users may connect their various accounts to Money Dashboard, allowing them to see how much they’ve saved and spent, set budgets and plan for the future,  no matter who they bank with, with Money Dashboard connecting to more than 60 financial institutions including challenger banks Monzo and Starling. Money Dashboard is leveraging Open Banking, a government initiative implemented to free up the way consumers share their financial data with regulated third parties. Speaking about the integrations, Steve Tigar, Money Dashboard CEO, stated:

“We’re on a mission to help people master their money by making it easy to manage all their accounts and see them in one place. The growing popularity of fintech apps is a positive sign for what’s to come in Open Banking and it’s exciting to be working with other ambitious fintechs to deliver better solutions for users.”

Money Dashboard launched a crowdfund on Crowdcube last month, raising more than £2 million within the first 24 hours.

Money Dashboard Announces New Partnership With AI-Powered Savings App Chip

Money Dashboard, a UK-based online personal financial management service, announced on Friday it has formed a new partnership with AI-powered savings app Chip. Money Dashboard reported that it has selected Chip as the place for users to store their spare cash.

“For those who don’t know about Chip, they help people build up savings pots by squirreling away small amounts over the course of the month based on an algorithm that works out how much you can afford to save. Similarly to Money Dashboard, it connects straight into whichever bank you’re with and works its magic using the data from the transactions you make. “

Money Dashboard also revealed when users connect Chip to Money Dashboard, they will be able to view their overall Chip savings balance in real time and watch their savings grow and their Chip savings will be listed alongside savings accounts they hold with other providers.

As previously reported, Money Dashboard’s app empowers over 100,000 users to make better financial decisions and achieve their financial goals. It was revealed that 32 million adults in the UK regularly bank online, but very few feel in control of their financials. The firm seeks to fill that gap by pulling in bank statement data from any account in the UK and automatically organize the spending data.

“We’ve been helping people master their money since 2010. Today, we proudly serve over 200,000 users who have established us as one of the UK’s leading money management apps. We connect to 60+ financial institutions so users can connect all their accounts in one place to track spend, plan ahead, and achieve their goals.”

Meanwhile, Money Dashboard has been seeking funds through equity crowdfunding platform, Crowdcube. The company quickly secured its initial £1.5 million funding target and has surpassed £2.6 million. The funding round is currently set to close at the end of June.

Bitmain Debuts Next Generation 7nm ASIC Chip for SHA256 Mining

Bitmain-ASIC-chip

Bitmain Technologies, a China-based consumer-grade ASIC miner, announced on Monday the launch of its next-generation 7nm ASIC chip, BM1397. According to Bitmain, the new chip achieves new feats in performance, chip area and energy efficiency for mining cryptocurrencies such as Bitcoin (BTC) and Bitcoin Cash (BCH), that use the SHA256 algorithm for their Proof of Work (PoW). It was revealed:

“The new BM1397 chip requires lower power and can offer an energy consumption to computing ratio as low as 30J/TH. This is a 28.6 percent improvement in power efficiency in comparison with Bitmain’s previous 7nm chip, the BM1391. To achieve this, Bitmain’s engineering team has thoroughly customised the chip design to optimise its architecture, circuit and economics. The chip is made using TSMC’s 7nm FinFET process.”

Bitmain went on to add that the chip’s debut follows the company’s on-going commitment to the development of high-performance computing chips and is a part of its aim to help advance the cryptocurrency ecosystem.

“Bitmain’s innovations enable anyone, anywhere to mine and benefit from cryptocurrencies. The BM1397, part of Bitmain’s growing chip portfolio, is designed to bring a better mining experience and aims to set a new benchmark in ASIC chip technology.”

Although the new chip has been launched, Bitmain has received some criticism over the past couple months, including the Hong Kong Stock Exchange head, Charles Li, suggesting that Bitmain’s business model is unsustainable and IPO wasn’t likely in the future for Bitmain.

“If a company made billions of US dollars through Business A, but suddenly said it will do Business B without showing any performance, or said Business B is better, then I don’t think the Business A featured in their application will be sustainable. Besides, if regulators were hands off [on Business A] in the past but will regulate it in the future, will you be able to continue the business and still make money from it?”

Besides Bitmain, as well as two other large China-based cryptomining companies, Ebang and Canaan, has applied to IPO in Hong Kong in 2018, and all three companies reportedly intend to pivot their business models away from cryptomining and towards artificial intelligence.

BCN Nanotecher Nanusens Closes €1M+ Crowdcube Funding Round

Barcelona-based Nanusens nanotechnology company has closed a €1,073,800 financing round through the Crowdcube investment marketplace, aided by a Inveready seed capital fund and 785 private investors. This campaign marked the fifth capital increase carried out by Nanusens.  Caixa Capital Risc Dieco Capital and its shareholders.

Nanusens, a technology company which develops chips for mobile phones with micro mechanisms, was founded in Barcelona in 2014 and directed by Josep Montanyà PhD, with Dr. Daniel Fernandez and Dr. Marc Llamas.

“Nanusens is an exciting tech company born in Barcelona but with an ambitious global vision, and there is a growing number of investors in the UK and abroad keen to invest in European businesses like this,” Director de Crowdcube para el Sur de Europa Pepe Borrell told Crowdfund Insider.

Nanusens is currently opening an office in London with plans to establish another team in China in 2019. Nanusens’ engineers have reportedly developed an innovative manufacturing process for mobile nanosensors reducing production costs and drastically shortens the manufacturing time (up to 85%), while improving chip performance. It is estimated that worldwide, 2,800 million are sold annually terminal and the chip market with micro and nanomechanisms recorded an annual growth of 12% and moves about $40B a year.

[easy-tweet tweet=”#Nanusens celebrates successful #crowdfunding @Crowdcube @crowdcubeES #nanotech”]

“Nanusens has the technology to design and manufacture sensor chips with a standard manufacturing process widely used in the semiconductor industry, called CMOS, having an economy of scale and using state of the art equipment,” according to the company. “This way, we aim to deliver new products to the market in 1-2 years, with lower production costs, smaller size and better performance.”

With the supply chain already  defined, Nanusens expects to complete the production of its first chip by early next year and is already in talks with potential Chinese customers to launch the chip to the market next year.

“Crowdcube is an amazing crowdfunding platform that has allowed us to approach a very large number of private investors worldwide. I have been surprised by how savvy many of the investors have proven to be, challenging me with deep questions on our business plan,” Nanusens Director Josep Montanyà PhD told Crowdfund Insider via email.  “Besides the funds raised, the process has been like going through multiple due diligences in parallel.”

AI-Powered Automatic Savings Account Chip’s Latest Funding Round Surpasses £3.4 Million During the Final Days on Crowdcube

Chip, an AI-powered automatic savings account mobile app, has successfully secured more than £3.4 million from over 5,580 investors in less than two weeks through its recent equity crowdfunding campaign on Crowdcube. The company previously raised nearly £1 million through its first Crowdcube round in 2017.

Launched in 2017, Chip described itself as a savings app that is designed to help users save money and feel good about it. It’s an automatic savings app which does all the hard work to make saving money as easy as spending it. Chip reports that its services connect to current accounts, saves automatically, provides what it claims to be the best possible returns and may reduce the cost of borrowing.

Chip also revealed that since launching it has grown rapidly to 75,000 users, processed over £58 million of saves, has £36 million of deposits & is connected to accounts with £130 million of outstanding debt. The company is planning to launch its community lending, ChipX, this upcoming January.

“Following their Angel funding (Crowdcube’s 3rd most popular investment of all time by investor number), together with their investor community they’ve built new features, created strong viral growth, and now plans to start lending as an appointed representative with ChipX.”

Chip then noted from January 2019 ChipX offers returns of up to 8% powering Chip’s community lending, with. OpenBanking and Chip’s AI algorithms “empower consumers to earn better returns by eliminating the bank’s margins.” In regards to what the funds from the latest Crowdcube round will go towards, the company added:

“Funding is required to onboard the waiting list [and] roll out all new features including instant saves, transaction roundups, FSCS protection, base interest of 1.5%, smart goals, squad goals, save matches and the best returns possible with ChipX.”

The campaign is set to close next Sunday.

Square Update: Reader Now Can Process Chip Cards in Just Two Seconds Without Signature Required

Payment process platform Square announced this week it has updated its Square Reader for contactless and chip and Square Register will now process chip cards in just two seconds (previously 3.6 seconds) without the requirement of a signature.

While sharing more details about the update, Jesse Dorogusker, Head of Hardware at Square, reportedly stated that taking an payment in as little as two seconds helps speed up the line for Square sellers and gives time back to customers. it also reduces in-store fraud in the U.S. and sellers will not need to compromise performances to enjoy the benefits of newer and more secure technology.

The update on the reader and register comes just after Square announced the launch of its Square Reader SDK, which is described as a complete toolkit that enables developers to reimagine the checkout experience for both sellers and buyers. As previously reported, Square Reader SDK is a set of developer tools for building custom, in-person checkout experiences. The company stated:

“These customized solutions enable developers to work with existing Square merchants in popular industries such as retail and restaurants as well as new sellers in verticals not traditionally supported by Square, like transportation and health care. Ultimately, developers will use this SDK to help new types of businesses take payments with Square for the first time, help grow sales for existing sellers, and build more powerful and compelling experiences for both buyers and sellers.”

The SDK toolkit also provides secure payments through taps, dips, and swipes by enabling developers to integrate their application with Square’s hardware.

Update: $9 Computer “C.H.I.P.” Nears $2M During the Final Week on Kickstarter; Addresses Backers’ Questions

With only seven days until its crowdfunding campaign comes to an end, Next Thing Co.’s nine dollar computer CHIP has successfully raised over $1.8 million on Kickstarter thanks to nearly 35,000 backers.

C.H.I.P. 5As previously reported, C.H.I.P is a tiny and easy to use computer that can be used much like a regular-sized device. Users can work in LibreOffice and save their documents to C.H.I.P’s onboard storage. The new computer also has built in WiFi + Bluetooth, meaning you can play games and can surface the web without any struggles.

C.H.I.P is designed to work with any screen. Old or new. Big or small. Simply just connect through its built-in composite output or add a simple adapter for either VGA or HDMI. Other features include, pre-loaded with Scratch, an easy to learn language that teaches the basics of programming; has a lot of games (retro and new); and works with MIDI keyboards.

The company specs are:

  • 3,000 mAH battery
  • 4.3″ 470px x 272px screen w/ resistive touch
  • Full Super-Clicky QWERTY keyboard
  • Rugged Injection Molded Shell
  • Fully open source
  • GPIO breakouts
  • C.H.I.P. is removable via hatch

Dave Rauchwerk, one of Next Thing’s three founders, stated:

C.H.I.P. 6jpg“Chip is a tool for experimenting with computers. The $9 becomes really interesting when lots of people can help make it awesome. We wanted to find a way to not only give everyone access to it but to give them the ability to participate in this process of developing it.”

 

During a recent update, the Next Thing’s team addressed some questions that backers have notably asked during the funding round, including why International shipping is expensive (starts at $20):

“We’ve been in contact with dozens of specialists: distribution centers, freight forwarders, fulfillment companies and customs brokers. We’re doing our best to find more competitive international rates and are trying to get our shipping costs down. Even though C.H.I.P. is small, there are handling, distribution and shipping costs that can’t be skimped on if we want your package to arrive safely.”

Also explaining why they decided to turn to Kickstarter for funding, the team revealed:

C.H.I.P. 1“Right now, we are entirely focused on the Kickstarter campaign. The only way to be an early adopter of C.H.I.P. is through Kickstarter. We plan to make C.H.I.P. available at a later date, but are committed to fulfilling our Kickstarter backers’ pledges first.”

In regards to why backers cannot receive multiple C.H.I.P.’s right now, the team added:

“We’ve held off on allowing multiple C.H.I.P. orders from our early production batches in order to make sure that everyone who wants to be an early adopter via Kickstarter is able. Offering Multiple-C.H.I.P. packs would mean that a single manufacturing run reaches fewer people. Don’t worry, we plan to make C.H.I.P. available in larger quantities later.”

C.H.I.P.’s Kickstarter is set to close next Saturday (June 6th).

 

$9 Computer “C.H.I.P” Makes Debut on Kickstarter; Captures Nearly $200,000 in 24 Hours

C.H.I.P. 3Next Thing Co., an Oakland, California tech startup, launched a Kickstarter campaign on Thursday to raise $50,000 for its brand new only $9 computer, C.H.I.P. Within only 24 hours, the project has already raised well over its initial goal and currently sitting at nearly 200,000 thanks to over 3,400 backers.

C.H.I.P. 5C.H.I.P is a tiny and easy to use computer that can be used much like a regular-sized device. Users can work in LibreOffice and save their documents to C.H.I.P’s onboard storage. The new computer also has built in WiFi + Bluetooth, meaning you can play games and can surface the web without any struggles.

More importantly, C.H.I.P is designed to work with any screen. Old or new. Big or small. Simply just connect through C.H.I.P.’s built-in composite output or add a simple adapter for either VGA or HDMI.

Other features include, pre-loaded with Scratch, an easy to learn language that teaches the basics of programming; has a lot of games (retro and new); and works with MIDI keyboards.

C.H.I.P’s specs are:

  • 3,000 mAH battery
  • 4.3″ 470px x 272px screen w/ resistive touch
  • Full Super-Clicky QWERTY keyboard
  • Rugged Injection Molded Shell
  • Fully open source
  • GPIO breakouts
  • C.H.I.P. is removable via hatch

C.H.I.P. 7During a recent interview, Dave Rauchwerk, one of Next Thing’s three founders, stated:

“Chip is a tool for experimenting with computers. The $9 becomes really interesting when lots of people can help make it awesome. We wanted to find a way to not only give everyone access to it but to give them the ability to participate in this process of developing it.”

Rauchwerk also added that there is a working prototype, though it uses the older A13. The new R8 based boards are due in the U.S. later this week and the team has a positive crowdfunding history. If successful, Chip has a great deal of potential for the community.

C.H.I.P. 6jpg“Success for us is them seeing what we’ve done and being excited about it and backing it.”

Those who back the project will not only receive C.H.I.P for $9, other rewards include C.H.I.P + Battery ($19), C.H.I.P + VGA Adapter ($19), C.H.I.P + HDMI Adapter ($24), and Pocket C.H.I.P ($49).

The campaign is set to close on June 6th.

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