By Daniel Lanyon on Thursday 23 March 2023
Sibstar is the UK’s first debit card and app designed specifically to help people living with dementia.
A new fintech Sibstar has launched to reduce financial vulnerability for people living with dementia.
Founded by Jayne Sibley (pictured), Sibstar has a debit card and app that allows those with dementia to spend money safely. It has been in beta testing for the last nine months in a pilot of 65 people in the UK who are affected by dementia and their families.
The company was launched in partnership with the Alzheimer’s Society and Mastercard.
Sibstar is a prepaid card with functionality that can be easily turned on and off.
Sibstar’s own research found nine in ten (89 per cent) of those affected by dementia experience difficulties with managing their money. There are currently around 900,000 people with dementia in the UK. The number of people living with dementia in the UK will rise to 1.6 million by 2040.
“As my Mum’s dementia progressed her ability to manage her everyday money declined.
“One of the hardest challenges we faced as a family was finding a way for Mum to remain financially independent whilst keeping her money safe,” said Jayne Sibley, co-founder of Sibstar and whose parents are both living with dementia.
“Mum is capable in so many ways, but needs access to her own money in order to live her life the way she wants to. That’s why we developed Sibstar. How we choose to spend our money is a big part of who we are, that doesn’t need to change because you have dementia,” she added.
Sibstar monetises through a £4.99 set-up fee and £4.99 monthly subscription. It also donates 7.5 per cent of its net profit to Alzheimer’s Society. AF Payments issues the Sibstar debit card and Pannovate is Sibstar’s Banking-as-a-Service platform.
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