- Sibstar is a debit card for vulnerable people that allows families to help them manage their spending.
- Through the app, families can manage spending limits, see payments and get notifications to alert them to any suspicious activity.
- The company appeared on Dragon’s Den and was backed by Deborah Meaden.
Website: www.sibstar.co.uk
What Is Sibstar?
Sibstar is a secure debit card and mobile phone app for families affected by dementia and other vulnerabilities. Their mission is to help empower people to feel financially independent, whilst giving them the level of financial protection they need.
The company’s hero product is a debit card that is connected to an app. The app allows families to set spending limits, track transactions and be alerted quickly to any suspicious activity. Given people with dementia can be susceptible to financial scams, it’s a great tool to provide them with a level of protection, without taking away their independence.
Sibstar was founded by Jayne Sibley after she experienced the first-hand struggles of supporting her parents through dementia. This led her to develop Sibstar, which later appeared on Dragon’s Den and was backed by Deborah Meaden.
“One of the hardest challenges we faced as a family was finding a way for Mum to remain financially independent, while keeping her money safe. Mum was capable in so many ways, but needed access to her own money in order to live life the way she wanted to, and for as long as possible.”
– Jayne Sibley, CEO and Co Founder of Sibstar
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What Makes Sibstar Unique?
There are a lot of credit and debit cards that exist to help make spending more secure. However, Sibstar stands out because it deeply understands the needs of vulnerable people and their families.
The card’s features, which include spending notifications, the ability to freeze a card and auto-top up make it a secure but flexible way to track another person’s spending.
Sibstar is built around balancing autonomy and safety, providing piece of mind to all that use it. And the best part? The company has committed 7.5% of its net profits to the Alzheimer’s Society, making its social mission an important part of its success.
Is There A Market For Controlled Debit Cards?
There definitely is. According to Independent age, 17% of older people have fallen victim to financial fraud. That means that 1.9 million older people in the UK have been scammed. And with a reported average loss of £4,000 per scam, older people have been defrauded nearly £7.4 billion.
In addition to this, in the UK alone, over 900,000 people live with dementia, and this number is only expected to rise with the aging population.
Aside from those dealing with dementia, many older people also deal with memory loss or cognitive decline, making them strong targets for financial exploitation.
But Sibstar doesn’t just help older people, it is also a tool for those with learning disabilities, mental health conditions and other vulnerable groups that need familial support. Sibstar strikes this balance well, offering a level of independence with peace of mind.
How Much Does Sibstar Cost?
The Sibstar debit card and app cost just £4.99 per month, with a set up fee of £4.99.
The company also charges 99p per cash withdrawal, but maintains it will remove this fee when it is able to.