Chip

About Chip

Background and History of Chip: The British Neobank Revolutionizing Automatic Savings In the bustling British fintech landscape, Chip has established itself as an essential benchmark in automatic savings and intelligent investing. Founded in 2016 by Simon Rabin and Alex Latham, this Chip neobank was born with an ambitious mission: to make saving as simple and natural as spending. Chip's story is that of a startup born from a realization shared by millions of Britons—saving is hard, and traditional banking tools don't make it any easier. Simon Rabin, after selling his previous venture Roamer in 2016, turned to the banking and fintech sector to create a truly innovative solution. To contact Chip or get information about its services, it's important to know that the entire customer relationship is handled exclusively through the mobile application. Chip's founding idea is built around artificial intelligence applied to personal savings. Rather than asking users to manually set an amount to save each month, Chip's proprietary algorithm analyzes spending habits and automatically transfers small sums to a dedicated savings account, approximately every four days. This "effortless" approach quickly won over the British public, and the platform experienced explosive growth since its launch. If you're looking for information on how to reach Chip by phone or ways to contact the company, note that Chip operates as a 100% digital application, with no physical branches or traditional phone number. Chip's journey is also marked by a remarkable crowdfunding model. The company is one of the most crowdfunded businesses in Europe, having raised over £48 million through multiple campaigns on Crowdcube. More than 28,000 individual investors now hold shares in Chip, representing approximately 30% of the company's equity. In 2025, Chip secured a strategic £6 million investment from Channel 4 Ventures, valuing the company at approximately £208 million—a 43-fold increase from its initial valuation during its first funding round in 2017. This trajectory reflects the confidence that the market and users place in Chip's vision. Over the years, Chip has significantly expanded its offering. Initially designed as a simple automatic savings tool, the platform has progressively transformed into a full wealth management application. In 2019, Chip launched its own savings accounts, then in 2021 it added investment options in partnership with BlackRock. Today, Chip manages over £5.5 billion for its users—a figure that testifies to the massive trust placed in this fintech. The Chip online bank has established itself as a major player in the sector, rivaling traditional banks while retaining the agility of a technology startup. For any questions related to the Chip mobile application , support is accessible directly from the app. The British economic context has played a major role in Chip's growth. When interest rates began to rise in 2023, the platform experienced a massive influx of new users. According to Alex Latham, co-founder of Chip, "during 2023, when interest rates started climbing, we were taking in £50 million in new deposits every day." This ability to capture demand at the right time, combined with competitive savings rates, propelled Chip to the ranks of the most popular savings applications in the UK. Today, more than 500,000 people use Chip to build their long-term wealth. Contact with Chip is primarily through the mobile application, and users particularly appreciate the responsiveness of the integrated customer service. Chip's story perfectly illustrates the ongoing fintech revolution in the UK. Starting from a simple automatic savings application, the company has metamorphosed into a complete financial ecosystem, offering savings accounts, ISAs (Individual Savings Accounts), fund investments, and even a Prize Savings Account. This evolution reflects consumers' growing demand for intuitive, accessible, and transparent financial solutions—values that Chip has embodied since its inception. Opening a Chip account is done entirely online, in a matter of minutes, with no paperwork, directly from the mobile application.