Startup of the Week - Chip
by Startacus Admin
Chip - the FinTech startup that's on a mission to help you save money in an intelligent and innovative way.
Whilst some of us are naturally good at managing our finances and can both budget and save money with ease; the reverse can be true for others – we’re permanently in the red and saving money is one of those things we claim we’ll get around to one day.
Whichever camp you fall into, our latest startup of the week ought to be of interest.
Chip is “an iOS and Android app which saves money for you in an intelligent way”.
Here’s how Chip works:
When you register with Chip, you provide it with read-only access to the transactions in your online banking accounts.
The Chip algorithm will then analyse your spending habits and calculate what you can afford to save. This amount is then transferred automatically from your current account into your Chip savings account. This is an instant access savings account which is held with Barclays.
Of course you can also transfer additional money into this account – anything from £1-£100 can be transferred up to 6 times in any given month.
Although you don’t initially earn any interest on your savings with Chip, you can earn 5% on your savings by inviting a friend to register for their own account. Even better than that, you can earn an extra 1% for each person you invite for up to one year. This interest is worked out weekly and paid into your account every 13 weeks i.e. every quarter.
Apart from making saving easy, what we particularly like about Chip is the ability for users to set Chip goals. For example, if you’re saving for a particular item – whether it’s a new car or a holiday, you can input the amount you need to save and Chip will work out how long that will take you to reach, based on your current spending and indeed saving. Having that visible target can be one of the most motivating factors to help you achieve your goal. A simple but effective idea, wouldn’t you agree?
This innovative FinTech startup is on a mission to make saving easier for everyone – even for those of us who find it impossible at times! We like it lots.
If you like Fintech startups, you might want to also read our recent features on Trezeo, an Irish startup that aims to keep a freelancer’s income consistent, or Fountain, a London based fintech startup aiming to make investment advice more accessible
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
Belfast-based medical technology company, axial3D, has raised £2.4m of investment following a successful ‘Series A’ funding round.
London-based Fintech Commuter Club has raised £2.2 million in an investment round led by the Coutts Investment Club.
The innovative Spanish startup that lets you be present at business events, from a distance...
Arthur aims to use AI where AI is best used, so that customer care agents in a contact centre can focus on what's important.
London startup Soldo, is aiming to streamline the entire business expense cycle –from payment to reconciliation.
Don’t worry if your business died. You just got a step closer to entrepreneurial heaven says Richard Myers, Commercial Director at Transmit Start-Ups.
When starting your own business website or blog, there are a number of crucial factors that you should consider.
SupplyCompass, a design-to-delivery sourcing platform that provides an efficient and sustainable solution for global supply chains, agrees a £1.5m seed fund deal.
Apprenticeship startup WhiteHat raises $16m Series A led by Index Ventures and prepares to expand its alternative to university.
How can women effectively challenge gender bias in the workplace? Hayley Mackenzie from Boiler Guide, shares here thoughts and experience.
Published on: 14th March 2018
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Startup Leadership Program invites applications for its 9th London cohort 12th Jul 2019 The Startup Leadership Program continues to grow, inviting applications for its 9th London cohort to join the six-month program.
- Latest Zinc Company Builder Programme to transform the quality of later life 9th Jul 2019 Do you want to build a new purpose-driven startup with support from a world-class network of experts?
- HealthTech startups sought for Greater Manchester Future of Health Challenge 4th Jul 2019 The Greater Manchester Future of Health Challenge is on the hunt for innovative healthtech startups and scaleups...
- Seedrs FMCG Accelerator Programme to help 10 UK-based FMCG businesses 3rd Jul 2019 Seedrs have launched their first FMCG Accelerator Programme dedicated to helping up to 10 UK-based FMCG businesses raise capital.
