Newly launched StorkCard is positioning itself as the UK’s first family finance app aimed at helping parents focusing on the joy of having a child instead of the costs.
The app is based on co-founder Andres Korin’s own experiences of being a new parent. “When my son was born, my wife and I were unprepared and it took a big toll on our savings,” he said. “When our daughter was born, we had the knowledge all second-time parents have, but we no longer had enough savings to comfortably manage the costs. For young families to thrive, parents need both information and access to resources. StorkCard is our answer.”
And he believes that the time is right for an app like this. “There are specialised financial products that help people manage nearly every major life event, but so far there’s nothing for new parents navigating the financial shock of having a baby,” Korin said. “We want to transform the way parents interact with the financial system, making it work for them, rather than the other way around.”
After downloading the app, parents can enter their budget and baby’s due date. This enables the app’s artificial intelligence to create a personalized spending plan that predicts the costs for clothing, feeding, sleep, play and travel over the baby’s first 12 months.
But the app is just the first step. StorkCard has announced that it planning to release an AI-driven debit card account for all baby-related spending. This account will provide automatic updates to the spending plans, offer parents child-related shopping discounts and assess their eligibility for government financial assistance.
Bruce Pannaman, co-founder of StorkCard, said, “StorkCard eases the pressure facing both new parents and experienced mums and dads. Childcare costs are increasing faster than wages and young families are struggling. Many deplete their savings, while others find they have to rely on expensive debt to make ends meet. This financial burden falls disproportionately on working mothers and their careers. StorkCard’s goal is to change this for the better.”
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