U.K.-based PFM mobile app Chip reached a £1 million ($1.33 million) milestone in its crowdfunded effort to raise funds to apply for a banking license, according to reports.

Just last month, the company announced its plans to raise £2.4 million ($3.2 million) in this crowdfunding campaign through the platform Crowdcube.

Launched in 2016, Chip uses an AI-powered algorithm to calculate a specific savings amount for each user based on their financial situation. The app also lets users to transfer that recommended savings amount into an instant access savings account at Barclays Bank. The app currently has about 25,000 accounts.

Read more at Finextra and Crowdcube. 

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