Chip, on a mission to become the saving and investing super app, has added two new funds to its investment platform and introduced new features aimed at making investing simple.
The app, which has saved its 500,000 users nearly £900 million to date, has added FTSE 100 Index Fund and S&P 500 Tech Fund to its existing roster of funds. The FTSE 100 Index fund allows users to invest in 100 of the largest companies in the UK, like Rolls Royce, Sainsbury’s and Vodafone, whereas the S&P 500 Tech Fund tracks big US tech companies from the S&P 500 index, like Microsoft, Apple, and Tesla. The two new index funds are available on the free standard Chip plan, and users can open them with just £1.
Chip has also introduced the highly requested product-to-product transfers, enabling users to move money from savings to investments. Now, if a user wants to top up an investment fund with money directly from their Chip savings accounts, all they need to do is open a fund they wish to top up, select “add money”, and choose to either move money from their linked bank account or from their Chip savings accounts.
The fintech company has also introduced another in-demand feature, taking its award-winning automatic saving technology and applying it to investment funds. The auto-investing feature means that users can now have their auto-saves go into their chosen investment fund automatically.
Most recently, Chip added a Crypto Companies fund to its investment platform and announced plans to introduce Alternative Assets in the very near future.
Chip’s CEO and Founder, Simon Rabin, commented: “At Chip we want to help more people, have more money, with less effort. We started out with a clever AI that could build your savings for you, then we built tech that brings amazing savings rates to you, and now we’re full steam ahead on all things investing.”
“We believe investing should be open to everyone whether you have lots of money or not, so we’ve made it very easy. That’s exactly what our new funds and our latest features - product-to-product transfers and auto-investing - are for. They have been among the most requested by our users for some time, and I’m delighted to say they’re now live within the app. We have a lot more planned for our investment offering, and I can’t wait to share more about the upcoming features and launches.”