In the crowded fintech space, Chip has emerged as a standout success story. I’ve really admired them from afar so it was fun digging into how this savings app went from a clever idea to a major player.

The cheeky beginning

In 2016, Alex Latham spotted someone with a coral Monzo card at Glastonbury festival. If you’re going to remember anything about Glasto, you wouldn’t expect it to be a bank card… he decided fintech must be about to boom. Wanting to get involved, Latham decided to bypass the job boards and instead create "Pineapple Punk" - a new marketing agency with a good-looking website and branding (but yet to attract either clients or a team).

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After Chip’s founder, Simon Rabin, responded to his cold outreach pitch, Latham admitted the truth. Impressed by the hustle, Rabin offered him a job. This gutsy approach to getting a job mirrors the creative thinking that defines Chip's culture - valuing determination and calculated risks.

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Doubling down during difficult times

Probably Chip's bravest move was focusing on cash savings when interest rates hit rock bottom during Covid. While competitors diversified, Chip recognised:

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• People were saving more during lockdowns
• Traditional banks offered poor interest rates
• Savers wanted better options
• Financial anxiety was peaking

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They negotiated directly with banks to secure better rates for users, positioning themselves as customer champions during those uncertain times (we haven’t quite forgotten lockdown yet have we?)

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People-powered growth

Chip has raised a whopping £57.5M through 10 crowdfunding rounds from 65,736 people. 

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This approach has:

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• Created thousands of loyal customer-investors
• Generated powerful word-of-mouth marketing (shareholders are 400% more likely to refer friends)
• Provided capital without surrendering control to traditional VCs
• Aligned company success directly with customer satisfaction

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Solving real problems

Chip's success stems from addressing genuine pain points:

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• Automation advantage: algorithms analyse spending patterns and automatically save affordable amounts
• Beating the banks: negotiating better interest rates through pooled deposits
• Psychology-focused design: making saving satisfying with gamification and positive reinforcement
• Simplicity in complexity: translating financial products into accessible options without jargon

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Why it’s working

Chip's growth can be attributed to:

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• Timing alongside smartphone growth and bank distrust
• Maintaining focus specifically on saving
• Building trust through transparent communication
• Showing resilience by doubling down during Covid
• Continuous product improvement based on user feedback

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They also use our fave "jobs to be done" framework involves mapping the customer journey and building channels around actual user behaviours (check out our guide on how to use insights to drive real results).

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And they obsessively track Net Promoter Score (NPS), with Latham personally engaging with dissatisfied users.

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From simple app to fintech powerhouse

Starting in an incubator at Level39, Chip has transformed into a comprehensive platform offering:

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• Market-leading interest rates
• Investment options through BlackRock partnership
• Alternative assets platform for watches, wine, cars and art

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Today Chip:

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• Employs 150 people across Europe
• Has > 500,000 registered users (200,000 active monthly)
• Achieved 500% revenue growth in a single year
• Nurtures > 65,000 shareholders

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Takeaway lessons for startups

1. Solve genuine problems - identify and address real pain points your customers experience
2. Take calculated risks - be willing to double down when others retreat if data supports your strategy
3. Build community ownership - consider crowdfunding not just for capital but to create customer advocates
4. Maintain laser focus - resist the temptation to diversify too quickly
5. Design for consumer psychology - make desired behaviours satisfying and frictionless
6. Obsess over customer feedback - personally engage with dissatisfied users to drive improvement
7. Value hustle - look for creativity and determination over perfect credentials
8. Align growth with user satisfaction - prioritise referrals and word-of-mouth over aggressive acquisition

For any startup founder looking to scale, Chip's story offers learnings in courage, timing, and staying true to your core mission. 

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As Latham puts it, "Having hustle is the most important characteristic... it sets people apart and gives them the drive to succeed in saturated industries like fintech."

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Which other brands should we review?

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