Chippit, a new digital banking app, has launched in Australia in a closed beta, access for which is currently waitlisted.
Founded in May this year, Chippit calls itself a “social banking app” that allows individuals to invite and save faster with their friends and family, as well as borrow at 0% interest rate to make purchases.
Based in Melbourne, Chippit recently raised $136,000 (AU$190,000) in pre-seed funding from venture capital firm Antler.
“We are building a solution to help debt conscious individuals, temporary residents and students with work rights in Australia achieve their money goals faster and borrow interest free by saving with peers,” Chippit says.
“Our solution provides a financially healthier way to access credit and avoid compounding debt from interest and ongoing fees.”
Through its mobile app, Chippit allows users to start a “savings pool” with up to ten friends and set savings goals together. From the savings pool, the group can lend money to each other, interest-free, and also make purchases from the group account.