London-based start-up Chip has raised almost £1.1m ($1.5m) in crowdfunding as part of a wider bid to apply for a banking licence. Right now, for Chip to offer such a product — which it has begun beta testing, regardless — the startup has to effectively re-sell existing financial products that already exist wholesale. The company is looking at the UK and Ireland but also wants to open branches across Europe with plans to offer its services by 2020. Chip is beta-testing a product enabling it to lend out a portion of deposits to fund an overdraft.
London-based start-up Chip has raised almost £1.1m ($1.5m) in crowdfunding as part of a wider bid to apply for a banking licence. The company is looking at the UK and Ireland but also wants to open branches across Europe with plans to offer its services by 2020. Chip is beta-testing a product enabling it to lend out a portion of deposits to fund an overdraft.