An automatic savings app is crowdfunding in the UK to finance a banking licence application, reports finextra. The Chip app connects to a user's current accounts and uses an algorithm to calculate how much they can save then transfers the funds to an instant access savings account at Barclays. It was launched late last year and now has 25,000 account holders, saving a total of over £1 million every month. It is now aiming to become a "savings-focused challenger bank".