Chip

A London savings and investing app that suggests how much you can save and moves it for you.

About Chip

Chip is a savings and investment app. It looks at your account, works out how much you could safely put aside, lets you say no to the suggestion, and then moves your chosen amount into your Chip account. It also offers tailored investment portfolios, a pension product and learning features, and it began as a chatbot that automated saving.

Chip was founded in 2016 by Simon Rabin, the chief executive. According to EU-Startups, he started Chip after he and his wife, expecting their first child, realised they struggled to save and lacked an easy way to do it. Alex Latham is co-founder and chief marketing officer. The company is headquartered on Shoreditch High Street in London, and it grew from about 20 people in 2018 to around 80 in 2020, with a job profile now giving 201 to 500 employees. Most of the team worked remotely at that time, with offices in central London.

Its mission, in its own words, is "to build wealth for our generation". In 2020 Rabin described the ambition as building the best savings account in the world, focused on helping people build long-term savings.

Chip's main products are automated saving, investing portfolios and, as the newest addition on a recent job listing, a pension. An earlier product, Chip+1, was an easy-access savings account protected by the Financial Services Compensation Scheme, which protects eligible deposits if a firm fails. Chip says users have saved over £800 million through the app (company claim in a job profile).

On culture, Chip's job profile says it hires for mindset: drive, conviction and a positive, problem-solving attitude. It wants "real people" with varied experiences and not just polished CVs, and values empathy, self-awareness, resilience and teamwork under pressure. Because it works in a regulated industry, it says the bar is high. Product teams are cross-functional pods that bring together engineering, design, operations and compliance. Benefits listed are 28 days of holiday plus public holidays, private healthcare, a training budget, a pension with 5% employer contributions on earnings up to £50,000, hybrid working with three office days a week, and permission to work abroad for up to 90 days (company claims). Working days are Monday to Thursday 9am to 6pm and Friday 8am to 4pm. Roles seen on listings include product, engineering, AI, compliance, marketing and customer support. A customer support executive post paid £25,800 plus bonus (now closed). We did not find graduate schemes or internships.

What they do

• {'desc': 'Suggests an amount, then moves your chosen sum into your account.', 'title': 'Automated savings'}
• {'desc': 'Tailored investment portfolios in the app.', 'title': 'Investing'}
• {'desc': 'A newly launched pension product, per a job profile.', 'title': 'Pension'}
• {'desc': 'Learning features in the app.', 'title': 'Financial education'}

Key facts

• Founded in 2016 by Simon Rabin; Alex Latham is co-founder and chief marketing officer
• Headquarters on Shoreditch High Street, London
• Mission: "To build wealth for our generation"
• 201 to 500 employees; hybrid, three office days a week (listing)
• Customer support executive post listed at £25,800 plus bonus (now closed)

Website: www.getchip.uk