Santander UK, the British arm of the global banking group, has joined forces with Sibstar, a FinTech offering a debit card and app for people with additional needs.
Under the agreement Santander can point customers and their relatives who may benefit from extra help with their finances straight towards Sibstar. Users of the Sibstar card and app can cap spending on a daily or monthly basis, decide how and where the card may be used, and get instant alerts whenever a transaction takes place.
Santander’s move comes as financial vulnerability affects a large share of the UK population. Some 26.4 million adults, close to half of the country, display at least one trait associated with vulnerability. Dementia is a significant contributor, with around 982,000 people in the UK currently living with the condition, a number projected to climb to 1.4 million by 2040, it said. A further 1.5 million or so people in the UK have a learning disability. These figures highlight rising demand for financial services designed around the needs of vulnerable people.
Sibstar describes itself as the UK’s first debit card and app built specifically to help people with additional needs handle their spending safely. Its users range from people with dementia or learning disabilities to those living with a health condition, as well as anyone worried about fraud or spending too much. The platform aims to reassure families that relatives can go on managing their own money securely without losing their financial independence.
Michael, whose father, Malcolm, is living with dementia, said, “Finding Sibstar has made a real difference for our family, especially after everything we went through with my dad’s previous care. Dad’s dementia has meant he has become increasingly vulnerable to financial exploitation; as soon as we discovered that large amounts of cash were being taken from him by the staff at my mother’s nursing home, we know something had to be done.”
Michael added, “I never wanted to take Dad’s financial independence away, as I knew how important it was for him, and Sibstar has allowed us to do that while keeping him safe. I’ve not had to worry the way I used to, and he’s been able to stay in his own home, which means everything to us. More families in similar situations need to know that tools like this exist, and I only wish we’d known about them sooner.”
Sibstar CEO and founder Jayne Sibley said, “Sibstar was built to support anyone who is financially vulnerable, whether that’s due to a learning disability, dementia, a mental health condition or simply a need for extra reassurance around scams and overspending. We’re excited to partner with Santander, as through this partnership we’ll be able to help so many more families safely manage their everyday spending.”
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