A LOCAL woman has celebrated the launch of Sibstar, a debit card and app designed to help people who suffer from dementia and their families safely manage their spending.
Jayne Sibley, co-founder and Sibstar's CEO, was inspired to create a safer way for dementia sufferers to control their spending after noticing her mother, who suffered from dementia herself, began making unusual purchases.
Jayne told the Chronicle: "I thought that there had to be a better way to help vulnerable people financially, and stop them from falling victim to scams."
She continued: "The debit cards can be loaded with limits to prevent misspending of money."
The launch comes as research shows that nine in ten (89%) of those affected by dementia experience difficulties with managing their money day-to-day, and nearly half (45%) find money difficulties a major cause of stress and worry.
She added: "It all comes from lived experience, we went through hard times and just want to help other families."
The scheme gained traction when it was approved by the Alzheimers Society accelerator programme, which invests in innovations to improve the lives of people affected by dementia.
Jayne said: "That's when we knew we had a good idea."
The Mastercard debit card is pre-loaded with funds, then how and where the money is spent can be managed through the Sibstar app, which is available on iPhone and Android.
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The app’s money management controls include spend limits, ATM, online, phone switch on/off, instant freeze, auto top-up, and real-time notifications which can be changed instantly and remotely.
Jayne said: "It's been a journey of highs and lows, and we are constantly learning, the tech was harder to build than we initially thought, and not coming from a fintech background it was a challenge."
So far, the reception to Sibstar has been positive.
Jayne said: "We've had really positive feedback, it gives people peace of mind and there is something empowering about that."
Co-founder Marty Orton told the Chronicle that the pair are looking to "expand the business" which currently has five members of staff.
He said: "We are now in the second round of investment and our target is £700,000"
Jayne and Marty now look to the future, she said that their priority now is "to build the brand into something with a lasting impact on millions of lives."
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