Sibstar, a novel FinTech application coupled with a debit card designed specifically for dementia patients and their caretakers to manage finances safely, has successfully raised £125,000.
The investment comes from Dragon’s Den investors Sara Davies and Deborah Meaden, according to a report from Crowdfund Insider.
Founded by Jayne Sibley, Sibstar aims to address the unique challenges faced by individuals with dementia and their families in managing financial resources, inspired by Sibley’s personal experiences caring for her parents.
The company has carved a niche for itself by focusing on a demographic that requires specialised financial services. By providing a secure and user-friendly platform, Sibstar ensures that dementia sufferers and their families can manage their funds without the fear of mismanagement or fraud. The service charges a monthly fee of £4.99, with a portion of the proceeds going to support the Alzheimer’s Society, a testament to Sibstar’s commitment to the community it serves.
Sibley said, “Going into the Dragons’ Den was a hugely emotional experience. I founded the business after experiencing my own parents’ struggles with money as their cognitive abilities declined. I had to open up about some very difficult times, but the Dragons were very supportive and empathetic.
“Securing investment from both Sara and Deborah means the world to me. Not only have two of the most successful female entrepreneurs in the country recognised the potential in my company, but their input and endorsement can only serve to make financial services more accessible for underserved groups in our society.”
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