CHIP FINANCIAL LTD

Latest accounts filed cover 2024-12-31; financial figures currently reflect up to 2022-12-31.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Azets Audit Services

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.”

Group structure

1. CHIP FINANCIAL LTD · parent
   1. Chip Financial (Investments) Ltd 100% · England and Wales

Significant events

• “Chip experienced further strong customer, asset and revenue growth in 2024, achieving EBITDA profitability in the fourth quarter. Total registered users surpassed 709,000, active customers grew to 327,000 growing 46% YOY and assets under administration exceeded £5.19 billion (2023: £3.08 billion).”
• “In 2024 Chip gained further authorisation from the FCA for its Investment Management business under the Markets in Financial Instruments Directive (MiFID) allowing it to move away from the Appointed Representative model that it previously operated.”
• “In 2024 the company appointed a third party (Thistle Group) to perform its annual safeguarding audit. The audit was undertaken in January 2025 and results of this were shared with the Board Risk and Compliance Committee in March 2025. In 2024 Chip also appointed an outsourced internal audit function that will undertake thematic audits throughout 2025 strengthening Chip's three lines of defence model.”
• “The launch of the Chip Cash ISA further marks significant success for Chip. This instant-access account gives users a tax-efficient way to save with full flexibility... As of year-end the Chip Cash ISA held total assets in excess of £1.8 billion (and exceeds assets of £2.3 billion by tax year-end in 2025).”
• “We introduced a new easy-access savings account, designed for longer-term savings.”
• “We enhanced our investment proposition by introducing new investment funds and offering a broader range of investment themes to our customers.”
• “In 2024, we launched WealthScore, a powerful tool that helps users measure and improve their financial health. Using over 17 million data points, our algorithm assesses savings, investments, income, and spending habits to generate a personalised score.”
• “2024 was a year of accelerated growth. I've been particularly impressed by the rapid development of new product features and successful launches, which have brought greater choice and value to our customers. Despite operating in a highly competitive environment, Chip acquired a record 105,657 new customers.”
• “As of July 2024, all Chip accounts are within the scope of Consumer Duty.”
• “In October 2024, the Payment Systems Regulator (PSR) introduced new mandatory rules to ensure victims of push payment (APP) scams are better protected.”
• “In 2024, Chip experienced a 17% increase in headcount, bringing the total number of full-time equivalent employees to 171 by year-end.”
• “In 2024, the Bank of England's Bank Rate began the year at 5.25% and concluded at 4.75%, following rate cuts in August and November.”
• “In early 2024 we completed a major upgrade of the mobile app authentication system, reaching 99.9% customer adoption. In Q4 we welcomed a new outsourced cyber security partner to provide ever more comprehensive monitoring of our cloud platform”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

9

last 12 months

Capital events

3

last 24 months

Officers appointed

1

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +7.5%

  £1,561,775 → £1,678,830

• Cash

  -35.7%

  £10,635,109 → £6,839,170

• Net assets

  —

  Not reported

• Employees

  +17.8%

  101 → 119

• Operating profit

  -5.8%

  -£14,181,745 → -£15,007,831

• Profit before tax

  -4.7%

  -£14,325,230 → -£15,000,596

• Wages

  +22.2%

  £5,678,570 → £6,937,109

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers