Southampton-based fintech startup Sibstar has launched a payment card that aims to protect the finances of people living with dementia.
Sibstar’s card comes with features to keep the money of vulnerable people secure as their ability to manage their finances deteriorates.
Users can add a supporter, such as a trusted family member, to manage the account. The app allows these supporters to set spending limits and determine where the card can be used.
The app can restrict how much money can be taken from a cash point, temporarily turn off contactless payments, and block chip and pin payments when necessary.
Sibstar, which is supported by the Alzheimer’s Society, was inspired by the co-founder’s own experience.
“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.
“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.”
A portion of the revenue made through the company’s subscription fee goes towards the Alzheimer’s Society.