Chip Reports 2024 Profit Milestone and Crowdfunding Success
Chip, the UK-based app automating savings and investments since 2016, has released its 2024 financial performance — representing a major shift in the company’s trajectory.
- £23.8m annual revenue (up 62% YoY)
- 91% gross margin (up from 83% in 2023)
- £0.7m net losses (down 81%)
- £33m annual recurring revenue (ARR)
- First profitable quarter (EBITDA) in Q4 2024
- £5.2bn in assets under administration (up £2.1bn YoY)
- 327k active customers (up 46% YoY)
The company achieved this performance without traditional venture capital. Instead, it raised £48 million through multiple crowdfunding rounds involving 28,000 individual investors — a rare feat in European fintech.
Valued at £168 million (up from £4.8 million at its first round), Chip is now gearing up for its first full year of profitability in 2025 — cementing its status as a standout success in alternative financing.
Source:
A.M.
