Brexit Mess and Chip

Just wondering if Chip have done anything to mitigate any potential Brexit related shocks?

Hard to plan in the chaos that exists at the moment, but I would hope that Chip is at least preparing for some eventualitys and it would be good to hear about these.

Everyone should take a look at the Get Ready For Brexit information at https://www.gov.uk/get-ready-brexit-check as there is some important info there for businesses and individuals

Unless I overlook something, the impact of Brexit is likely to be negligible. Chip operates solely in the U.K., and leverages financial companies and infrastructure that are U.K. based.

It’s money is ringfenced by large U.K. financial institutions, which even the Bank of England recently stated are sufficiently stress-tested for Brexit.

One could argue that if it will do a crowd-funding round again in the wake of a Brexit, would this deter potential investors as they may have less spending power or a lower risk appetite. Even there I suspect it won’t matter - if the stock market takes a nose dive, alternative investments like crowd funding may be more appealing for many, even more so as most won’t put sizeable amounts in as is the nature of crowd funding.

So I did grab @SimonChip briefly this morning to ask him about this and his answer was “I’m telling everyone to vote Lib Dem” :rofl: :rofl: :rofl:

Jokes aside, he did touch on this in a previous Q&A:

Q: Has Chip looked at risk analysis for Brexit? If it happens? And how do we think it might affect the business?

A: The biggest concern is around hiring staff. A lot of our engineers which work here and that we’re trying to recruit aren’t British and there is some uncertainty. We also have a development office in Latvia and that does create some concerns.

But in terms of people saving money, what’s good about Chip is that the algorithm is reactive, so if people do feel less financially secure and spend less, the Chip AI will save more for them which is a positive for them!

In regards to the wider fintech sector, it’s exploding right now particularly in London and there’s plenty of investment capital out there. Ourselves, Monzo, and Starling for example are growing and it seems a robust market which we don’t think will be affected.

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