Sibstar, a debit card and app for adults who need help managing their everyday money, has today launched a crowdfunding campaign.
Co-founder and CEO Jayne Sibley took her pitch to Dragons’ Den a year ago and secured £125,000 funding from Deborah Meaden and Sara Davies MBE.
Now she has launched a campaign on Crowdcube with the aim of securing a total of £350,000.
Sibstar empowers financial independence with a debit card and app to safely manage everyday spending. Originally aimed at people with dementia it’s now expanded to include other vulnerable adults.
That includes those with learning disabilities and mental health conditions as well as adults at risk of financial abuse or in addiction recovery.
The idea came from Sibley’s experiences of caring for her parents, both of whom are living with dementia.
After delivering her pitch in the Den, the entire panel of investors – including guest Dragon Gary Neville – rose to applaud her and her co-founder, Marty Orton.
However, what moved her the most was a comment Meaden made as they embraced.
Sibley told BusinessCloud recently that Meaden and Davies are continuing to support her business.
Davies said recently she would be leaving the BBC show after the current series to focus on rebuilding Crafter’s Companion.
The company was named one of Bloomberg UK’s Top 25 Startups to Watch for 2024, while earlier this month, Jayne earned a place on Innovate Finance’s Women in Fintech Powerlist.
The funds raised through this campaign will be used to develop new product features, scale operations, and expand Sibstar’s reach across the UK.
“Sibstar was born out of my personal experience caring for my parents, but what started as an idea has developed into an innovative fintech at the forefront of financial inclusion efforts,” said Sibley.
“We’re now expanding our product to support all adults that require help managing their everyday money. We’re already supporting people with learning disabilities, mental health conditions, and addictions.
“We want to demonstrate that everybody deserves, and can have, control over their finances in a safe and supported way.”
Louise Hill, CEO of GoHenry and non-executive director at Sibstar, added: “Sibstar is transforming the way the banking industry supports a hugely underserved audience by providing a secure and practical solution for those who need it most.
“Their approach is not only empowering these adults and their families but also setting a new standard for financial inclusion.
“I fully support their crowdfunding campaign and strongly encourage others to join Sibstar’s mission to achieve safer spending for all.”