Chip hires former 10x head of product Tom Evans as new CTO
Savings app Chip has appointed Tom Evans, a former 10x Future Technologies head of product, as its new chief technology officer (CTO).
Evans is expected to lead the development of Chip’s new investments product. He spent a year and nine months at 10x, leaving as head of product and engineering quality.
The new Chip CTO is also an Amazon alumnus, having worked at the Big Tech for two years as a software development manager.
Evans has also had stints at Oracle, Datanomic, Ocado Technology, and Cartezia.
Chip offers an automatic savings app which it claims uses AI to calculate how much users can afford to put away.
The app transfers funds from a customer’s current account to their Chip savings account every few days.
Chip received Authorised Payment Institution status from the Financial Conduct Authority (FCA) in March 2020.
The following month, it raised £2.6 million from 4,240 investors on Crowdcube. It claimed at the time it had completed the largest equity raise on the platform since the COVID-19 pandemic.
In September, the firm raised £10 million from 6,000 investors in 48 hours via the UK government’s Future Fund.
Chip claims to have tripled the size of its team and doubled its number of users since the start of 2020. It plans on the launch of new wealth-building features in 2021.
“Chip is not just a business that uses technology for some of its processes – our entire business is our technology,” says CEO Simon Rabin.
“This is where Tom comes in. He brings a wealth of experience in building engineering and product quality at Amazon, Ocado Group and Oracle. I know he will do amazing things at Chip, too.”
Evans says Chip is “building an amazing app that is delivering real benefits to our customers.”
He adds: “I’m really looking forward to scaling and shaping the product and engineering teams to meet the challenge of building great new features for our growing user base.”