Early stage funding firm Antler Australia lately backed a brand new cohort of startups as a part of its ongoing program to construct nice native tech corporations.

Startup Every day is sharing the small print of every enterprise within the “Antler Investor Memos” sequence, which is designed to offer you a fast,  sharp understanding of the startups and folks concerned, with many searching for comply with up capital following Antler’s preliminary pre-seed funding. 

Firm title: Chippit

Formation date: 2022

Stage of enterprise: Pre-Seed

Founder: Eli Muse

Present traders: Antler, Portola and angel funding 

At the moment elevating: Sure

The enterprise

Over 1 / 4 of 1,000,000 {dollars} is the common Australian family debt, rising by 7.3% final monetary 12 months, based on the newest information from the Australian Bureau of Statistics (ABS). All whereas family budgets proceed to really feel the pressure of rising value of dwelling pressures. 

Social cash app, Chippit, is searching for to get rid of the issue of persistent debt to assist these sometimes underbanked to economize and entry credit score with out hidden prices. Relatively than a checking account, Chippit is a platform empowering folks to save lots of, spend and entry no-interest loans from these they belief inside their very own social community.

The peer-to-peer platform invitations on a regular basis savers to create a “financial savings group” of three -10 folks, corresponding to trusted household and associates, who collectively make a contribution in the direction of a financial savings purpose. Usually these teams arrange a rotating assortment order, the place members take turns in receiving funds at an agreed time. This acts as an interest-free mortgage for these early within the rotation and financial savings for these members later within the rotation.

All funds transferred through Chippit are securely held by Cuscal, an Australian Deposit Establishment (ADI). 

By offering reasonably priced entry to capital, Chippit empowers people to construct stronger monetary futures whereas strengthening the relationships that matter most to them. In contrast to different lending fashions, Chippit is increasing credit score accessibility to underbanked demographics, together with worldwide college students and labour migrants, to create a extra inclusive monetary system.

Antler funding thesis

“As rising value of dwelling continues to put stress on Australians, disproportionately impacting these with restricted monetary safety. Chippit’s peer-to-peer pushed strategy is an empowering software to assist folks attain their financial savings targets with these they belief,” mentioned Cath Rogers, Antler Australia Accomplice. 

“Eli combines the lived expertise of making an attempt to entry financial savings and credit score merchandise as a migrant, years of economic companies consultancy and real social motivation as evidenced by his run for native Council. He deeply understands the challenges conventional lending fashions can have and is a serial entrepreneur with the strategic know-how to develop a platform harnessing the ability of collective motion.” 

Traction/ milestones, to this point

Since Chippit’s official launch final month, the app has secured over 6,000 downloads. Earlier than the app launch, Chippit ranked throughout the prime 50 Australian startups of 2022. 

Past its trade recognition, Chipped has established relationships with a few of Australia’s largest banks and has vital company partnerships within the works.

The social banking app is presently fundraising with a 3rd of its goal secured, together with VC commitments. In actual fact, one among Chippit’s earliest customers has develop into an angel investor within the spherical.

Newest funding

Pre-Seed from Antler

Use of funds

Antler’s preliminary funding is supporting Chippit to broaden its headcount hiring engineering expertise, alongside accelerating the event of key product options. With its increasing waitlist, Chippit is targeted on servicing person progress.

Founders say

“Individuals have been utilizing social financial savings circles to save lots of and entry cash for hundreds of years throughout Japan, Indonesia, France, Sweden, India and past, mentioned Eli Muse, Founding father of Chippit. “Chippit is leveraging the identical ethos underpinned by subsequent technology expertise.

“The present monetary system excludes not less than two billion folks, whereas one other two billion have restricted entry to companies and sometimes incur excessive charges or rates of interest. In stark distinction to a couple who pay considerably decrease charges for a similar companies,” he continued.

“Our imaginative and prescient is to create a monetary system that’s accessible and equitable for all, the place nobody is excluded or deprived based mostly on their socio-economic standing. Our purpose is to empower people and communities worldwide to take management of their funds and enhance their lives, fostering a extra inclusive and sustainable world financial system.

“By offering reasonably priced entry to capital, Chippit empowers people to construct stronger monetary futures whereas strengthening the relationships that matter most to them. In contrast to different lending fashions, Chippit is increasing credit score accessibility to underbanked demographics, together with worldwide college students and labour migrants, to create a extra inclusive monetary system.

“With Antler’s assist, Chippit is linked to a worldwide group of early-stage startups and we now have entry to vetted expertise, startup assets and fundraising assist.”

What’s subsequent?

Antler, a worldwide early-stage VC, is revealing its newest investments in bold Australian founders and startups. With 100 investments in early-stage corporations, Chippit is one among its most up-to-date portfolio corporations.