British Savings App Chip Raises Funds for Banking License

U.K.-based PFM  mobile app Chip wants to apply for a banking license. And for that it wants  to raise £2.4 million ($3.2 million) in a crowdfunding campaign.

Funds from the campaign will be used for the banking license application process.

Launched in 2016, Chip uses an AI-powered algorithm to calculate a specific savings amount for each user based on their financial situation. The app also lets users to transfer that recommended savings amount into an instant access savings account at Barclays Bank. The app currently has about 25,000 accounts.

As a part of its funding campaign, Chip will give its users the option to invest in the company.

Read more at Finextra and BankingTech. 

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