Digital savings account Chip has raised £11.5 million from 12,954 investors – the biggest equity crowdfund of the year and largest ever held on Crowdcube.

As part of the record-breaking round, Chip raised £1m in under 10 minutes and hit £8.6m in under 48 hours. 

It saw the company add 6,500 new investors, growing its shareholder community to over 23,000 and making it the second biggest investor community in UK FinTech.

In the last year the company has increased revenues 500%, grown its user base by more than 60% to over 400,000 and processed more than £640m in savings.

The company plans on using the capital to fuel growth activities across marketing, product and technology. Chip is also looking to significantly increase the size of the team as it eyes European expansion.

“We’ve been blown away by the response to our latest crowdfunding campaign. This is a huge validation of the strong position Chip is in, and our ambitions to build the next FinTech unicorn,” said CEO and founder Simon Rabin.

“We have massive plans for the next 12 months. From a product perspective, we’re looking at more market-leading savings accounts, more investment funds, and more automatic investing. We also have aggressive growth plans, across several marketing channels, as we aim to increase our user base further.

“It’s safe to say this is extraordinary, we’re very excited about all the incredible features we’re going to deliver, the growth this round is going to fuel, and having even more shareholders and users on board for the next stage of our journey. 

“We’re building the best savings account in the world, and we’ve only just begun.”