Chip has raised a total of £10.7 million from the crowd and the government-backed Future Fund, as part of its Series A round.

The amount, raised in under 48 hours from 6,420 investors, makes it the largest convertible round in UK crowdfunding history, as well as the largest crowdfunded Future Fund participation.

The savings app, which saw 25,000 people pre-register ahead of the round on Crowdcube, raised a total of £2 million in under 10 minutes and £4 million in under an hour.

In April, the firm raised more than £2.5 million and in July it rolled-out Interest Accounts, with an easy access rate of 0.90 per cent AER.

This investment will be used to accelerate growth, offer better returns, build on existing revenue models and continue ongoing discussions with venture capital firms from a position of improved strength.

On a more granular level, Chip stated that it will work on building a new suite of returns products, expanding the development team, as well as improving the infrastructure and capacity to give access to more deposits.

From a product perspective, the funding will it to improve the infrastructure and capacity to give access to more deposits, launch the ChipX premium account, and introduce investment funds, ISAs, LISAs and, eventually, pensions.

Chief executive Simon Rabin commented: “Chip is poised ready to accelerate and dominate this space as a market-defining savings and wealth management app.

“Perhaps the only downside to the overwhelming demand we saw with this round is that we have run out of allocation before the entire 25,000+ who requested access were able to participate."

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