According to AltFi, the new features come as Chip makes a shift toward catering for ‘aspirationally high net worth customers’, and helping its users build wealth for the long term.
The focus is on giving customers a way to build a multi asset portfolio across cash, traded funds, and alternative asset classes. Chip also intends to expand with private investments and crypto.
As part of the launch of alternative assets, Chip is partnering with alternative investment app Koia and will be acquiring its customer base as part of a transaction between the two that will see Koia wind down its own offering.
On the savings side of things, Chip is launching a recurring savings plan that allows customers to ‘set and forget, deposits until multiple different assets and asset types.
Studies have shown that 40% of Americans don’t have enough money to cover a USD 400 emergency and only 39% have enough money saved for a USD 1,000 emergency.
Because of this, in the past few years, a variety of new apps and savings tools have come onto the market to offer people different ways to save money. Many of these apps offer a variety of financial solutions and account types to help people with short-term and long-term savings goals.
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