Consumer & Commercial Payments
June 28, 2024
As the CEO and founder of Sibstar, I am immensely proud to share our journey and the impactful work we’re doing to support people living with dementia.
I recently had the opportunity to discuss how we are helping families living with dementia safely manage their everyday spending on BBC Morning Live, alongside some of our amazing customers and the Alzheimer’s Society.
Appearing on all broadcast, print, social and digital platforms has been invaluable in spreading the word about Sibstar and our mission to prevent those affected by dementia from being financially excluded.
The idea for Sibstar was born out of a pressing need. People living with dementia often struggle with managing their daily finances, which increases their vulnerability to scams, losing cash or cards, and financial mismanagement. Traditional banking services simply do not cater to the unique needs of these individuals and their caregivers. The only viable option for many families has been to completely remove access to finances, leading to financial exclusion and social isolation, which can accelerate cognitive decline and increase the need for more intensive and costly care.
At Sibstar, we’re addressing these challenges head-on with our unique debit card and app. Caregivers can load a specified amount of money onto the Sibstar debit card then manage how and where that money can be used through the app. Functionality such as setting spending and ATM limits, switching on/off online and phone transactions and cashpoint withdrawals, instant freeze/unfreeze, and real-time notifications ensures the financial needs of people living with dementia are met securely and appropriately. All of Sibstar’s functionality can be changed instantly and remotely at any time. This flexibility allows for a personalised approach, empowering this underserved audience to maintain their financial independence for as long as possible.
Pitching Sibstar on BBC series Dragons’ Den and securing a £125k investment from Deborah Meaden and Sara Davies was a significant milestone. The response was overwhelmingly positive, reflecting the urgent need for such a solution. With a new dementia diagnosis every three minutes, the potential for Sibstar to make a profound difference is enormous. Our goal is not only to serve the UK market but also to expand globally, reaching other vulnerable groups who face similar challenges.
Deborah Meaden and Sara Davies have shown tremendous support for Sibstar, bringing their invaluable expertise and insight to our mission. Their endorsement not only validates our efforts but also helps propel Sibstar forward, enhancing our ability to make a meaningful impact on the lives of people living with dementia.
Deborah Meaden: “It’s great to see Jayne and the rest of the team at Sibstar shining a light on the issues facing families living with dementia. Jayne is the perfect example of someone who has taken her own lived experience and channelled it into making an innovative product that solves a real problem and makes a positive impact in society.”
Sara Davies: “Sibstar confronts the stigmas surrounding dementia, ensuring dignity, security, and peace of mind for caregivers and their loved ones. It’s about more than just technology; it’s compassionately empowering people and preserving quality of life. Sibstar has the opportunity to have a deep, long-lasting, and positive impact on millions of lives.”
Following Dragons’ Den, my appearance on “BBC Morning Live” provided another fantastic platform to discuss Sibstar’s benefits, this time with our real customers. The exposure allowed us to highlight how our solution can transform the lives of people living with dementia and their families by ensuring financial security and reducing the stigma associated with dementia. It was a privilege to share the real stories of our customers and explain how Sibstar can help individuals maintain their dignity and independence.
Our journey is accelerating, and I am excited about the future of Sibstar. We are committed to making a lasting, positive impact on millions of lives by providing a safe, manageable way for vulnerable individuals to handle their everyday money. Together, with the support of our partners, the Alzheimer’s Society, and Mastercard, we are driving change and offering hope to those living with dementia and their loved ones.
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