Sibstar offers a financial application and debit card specifically designed for individuals with dementia, featuring simplified controls, adjustable spending limits, and real-time transaction monitoring. This solution enables users to maintain financial independence while providing caregivers with oversight tools to prevent scams and overspending.
Funding
$158.2K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Individuals with dementia, learning disabilities, mental health conditions, or those in recovery from addiction are particularly vulnerable to scams, overspending, and financial abuse, making it difficult for them to manage their finances independently. Caregivers often lack the tools to effectively oversee and support the financial well-being of these individuals, leading to increased stress and potential financial instability. Traditional banking solutions do not offer the specific controls and monitoring features needed to protect vulnerable individuals and provide peace of mind to their support network.
Solution
Sibstar provides a debit card and companion app designed to empower vulnerable individuals to manage their spending safely while giving caregivers oversight and control. The Sibstar card allows users to maintain their financial independence with customizable spending limits and restrictions, while the app enables caregivers to remotely monitor transactions, adjust card settings, and receive real-time notifications. This dual-access system helps prevent scams and overspending by providing a secure and flexible way to manage funds, adapting to the changing needs of both the cardholder and their support network. Sibstar promotes financial inclusion and reduces the risk of financial exploitation by offering a tailored solution that balances independence and protection.
Target Audience
Sibstar targets families and caregivers supporting individuals with dementia, learning disabilities, mental health conditions, or those in recovery from addiction, as well as vulnerable individuals themselves who seek a safe and controlled way to manage their finances.
Features
- Customizable spending limits (daily, monthly, and per-transaction) to prevent overspending.
- Remote control of card usage, including the ability to switch on/off cashpoint withdrawals, online transactions, and phone purchases.
- Real-time transaction notifications sent to the caregiver's app for immediate monitoring.
- Option for a daily auto top-up to ensure funds are available when needed.
- Debit card can be used by individuals with learning disabilities, mental health conditions or those in recovery.
- Knowledge center with articles on topics such as dementia, money management, and creating a Lasting Power of Attorney (LPA).
- The Sibstar card is issued by AF Payments Limited pursuant to a license by Mastercard International.