Fintech startup Chip receives FCA authorisation

The next step for the fintech is an introduction of FSCS protected savings accounts through partner banks. The news also follows a roll-out of a number of features in response to a large influx of savers using the app to automatically put away safety net funds.

Chip has introduced changes to the manual save limits – users can now make a manual save every day, as many days a month as they like, up to the amount of GBP 10,000. Additionally, thanks to the new Open Banking update, Chip can build on and enhance the machine learning behind auto-saves, so the app can learn from the users’ spending habits and intelligently adjust their automatic saves.