“Can an AI-driven automated savings app become the go-to retail wealth platform for UK consumers by combining FSCS-protected savings, low-cost investing, and a SIPP under one subscription?”
Founded in 2016, Chip began as an AI-driven automated savings app that used Open Banking to analyse users' spending habits and sweep small amounts into savings pots. It expanded into interest-bearing savings accounts powered by ClearBank, giving each user FSCS-protected accounts with individual sort codes and account numbers. Chip then layered in investments — General Investment Account, Stocks & Shares ISA, and a SIPP — positioning itself as a retail wealth-building platform rather than just a savings app. The membership (ChipX) model monetises premium features such as zero platform fees on investments, reflecting a broader shift toward subscription-led recurring revenue.
Chip discloses ClearBank as its banking provider, with ClearBank Ltd as its sponsor bank, according to the Embedded Finance Index 2026.
Chip does not disclose a bank charter of its own; its banking services are provided through ClearBank Ltd.
Chip connects to bank accounts through Open Banking (UK).
The Embedded Finance Index 2026 maps 3 layers in Chip's stack: Banking / BaaS (ClearBank); Open banking (Open Banking (UK)); Sponsor bank (ClearBank Ltd).
Chip is founded in 2016 and headquartered in Sixth Floor, Fora Montacute Yards, 186 Shoreditch High Street, London, E1 6HU.
Get a read on where your own stack stands against Chip and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.