As our CTO I’m responsible for improving our technology and keeping the app up and running. 

Usually, I engage with Chip’s community when we’re deploying something new and exciting, however it is also my job to own and resolve any technical issues Chip might have. 

Early in the morning on 20 March 2024 we discovered a display issue with how our customers balances were displayed in the app. We promptly took the app into maintenance mode to resolve the issue. 

Update: now resolved.

We’re sorry for any inconvenience and we worked as hard as possible today to deploy a fix as quickly as possible.

Importantly, I’d like to reassure everyone that this was a display issue only, and behind the scenes all customer funds remain as customers left them with our partner banks and investment providers (see more on where your money is held here).  

We fixed the issue at 5:30pm 20 March 2024

After identifying the issue, our engineering team worked around the clock to fix it.

It was resolved after 8 hours and the Chip app went live again at 5:30pm 20 March 2024.

This has not affected any customers' Chip accounts or balances, and you can continue to use Chip as normal.

Why did this happen?

We undertook a systems update which had the unintended consequence of causing the balances to be displayed incorrectly.

This was entirely a visual issue and customer money remains securely protected with our investment and banking partners (again you can read more about how your money is protected here).

We take incidents like this extremely seriously (which are fortunately few and far between), and it is standard practice for us to swiftly conduct a full review and implement new procedures to ensure something like this cannot happen again. 

We will share more details in the coming days, as we believe in always being clear and transparent with our community. 

Chip is your wealth app. We’re building it for you, with you. I can assure you that the team will learn from this and make Chip better and more robust for you going forward.