Sibstar Secures £125K Investment from Dragons’ Den to Enhance Financial Inclusion for Dementia Patients

Sibstar, a groundbreaking debit card and mobile app designed to assist individuals living with dementia in managing their daily expenses, has recently secured a significant investment of £125K from BBC Dragons’ Den investors, Sara Davies and Deborah Meaden. The funding will be used to further promote financial inclusion and equality for those affected by dementia. The concept for Sibstar was developed by Jayne, a resident of Southampton, who was inspired while caring for her parents with dementia. Jayne, along with her life and business partner, Martin Orton, appeared on Dragons’ Den on 29th February to present their innovative solution to the challenges faced by families dealing with dementia. Both Sara and Deborah were impressed by the success that Jayne had already achieved with Sibstar since its launch in March 2023, despite her lack of prior experience in financial services. The support from external investors has been crucial in bringing Jayne’s vision to life, and the opportunity to pitch on Dragons’ Den was a significant step in securing the necessary resources and expertise to grow the business.

Sibstar operates through a pre-loaded debit card that is managed via the Sibstar mobile app, available on both iPhone and Android devices. The app offers a range of money management features, including spend and ATM limits, online and phone spending controls, instant freeze, auto top-up, and real-time notifications. These functions can be adjusted remotely to suit the changing needs of individual customers. With nearly 1 million people living with dementia in the UK today, and projections indicating a rise to 1.6 million by 2040, the vulnerability of individuals with dementia to financial exploitation and mismanagement is a growing concern. Traditional banking services often fall short in providing the necessary security and functionality for this demographic, leading to restrictions on financial independence and autonomy. Sibstar aims to address this gap in the market by offering a tailored solution that empowers individuals with dementia to manage their finances safely and independently.

The investment from Sara and Deborah, who each offered £62.5K for a 5% stake in the business, will enable Sibstar to expand its reach and impact, providing much-needed support to families affected by dementia. By offering a unique and innovative solution to a pressing societal issue, Sibstar is paving the way for greater financial inclusion and empowerment for individuals living with dementia.

The investment from Sara Davies and Deborah Meaden marks a significant milestone for Sibstar, as it continues to make strides in promoting financial inclusion and equality for individuals living with dementia. The innovative approach taken by Jayne and her team has garnered recognition and support from prominent investors, highlighting the importance of addressing the financial challenges faced by those affected by dementia.