Jayne Sibley, who created Sibstar, a debit card and mobile app that helps people living with dementia and their families to safely manage everyday spending, has secured £125K from BBC Dragons’ Den investors, Sara Davies and Deborah Meaden, to further drive financial inclusion and equality. 

Southampton-based Jayne, who came up with the concept for Sibstar whilst caring for both of her parents with dementia, appeared on the show on 29th February alongside her life and business partner, Martin Orton, impressing both Sara and Deborah with her unique solution to a problem faced by many families living with the condition. The Dragons were particularly interested to hear about the success Jayne had already achieved with the business since it launched in March 2023 – despite having no previous professional experience in financial services. 

Third-party investment has been critical in bringing Jayne’s life-changing brand to market, so when the opportunity to appear on Dragons’ Den came up, she jumped at the chance to secure significant financial and strategic input from the famous entrepreneurs. 

Jayne says:

“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.” 

Deborah Meaden comments:

“Jayne’s idea is so simple, but has the ability to transform lives. I was impressed by how she’d taken her own lived experience and channeled it into making an impressive financial services product that’s already secured a foothold in a sector in which it’s notoriously difficult to achieve cut-through. I’m looking forward to being involved in the next stage of Sibstar’s exciting journey. Sibstar is the best kind of investment, one that has the an important reason to be and makes a big difference to people’s lives.” 

Sara Davies adds:

“In the coming years, sadly, more and more families will be affected by dementia and it’s critical that the business community gears up to serve a wider variety of needs. I think many families out there are going to be extremely grateful to Jayne for addressing a common challenge for people with dementia, and I’m excited to offer the benefit of my experience to help those affected live independently for longer.” 

Sara and Deborah both offered £62.5K, each for a 5% share of the business.

Watch Jayne face the business moguls on iPlayer. 

Ends 

About Sibstar 

Research conducted by Sibstar in 2020 shows that nine in ten (89%) of those affected by dementia experience difficulties with managing their money day-to-day, and nearly half (45%) find money difficulties are a major cause of stress and worry. 

Sibstar is the UK’s first ever debit card and app designed to help people with dementia to access and manage their everyday money, empowering them to live independently for longer in a safe, supported way.

The company is supported by Alzheimer’s Society, through its Accelerator Programme, which champions tech innovations that help to improve the lives of people living with dementia. Sibstar is also partnered with Mastercard to provide a reliable, industry-leading service.

Rich Oakley, Associate Director of Research and Innovation, at Alzheimer’s Society says: “Too many people living with dementia face barriers in using financial services, leaving

them with less control of their own money and vulnerable to scams. Alzheimer’s Society is dedicated to making the financial sector more dementia-friendly, as well as raising awareness of the challenges involved. This is why we chose to support Sibstar as part of our innovation programme, to help develop a game-changing app and debit card to give people living with dementia financial security and more control of their money.” 

Kelly Devine, Divisional President, Mastercard UK & Ireland, says: “At Mastercard we believe everyone should have access to financial services in a way that works for them, whatever their needs may be. Advancements in technology are making it more and more possible to build tailored products and tools for specific needs, and Sibstar is a great example of this innovation. We are delighted to be working with Jayne and the team at Sibstar on this much-needed solution to make financial independence a reality for those living with dementia.”

How Sibstar works 

The Sibstar debit card is pre-loaded with funds. How and where the money can be used is managed through the Sibstar app, which is available on iPhone and Android.

All of Sibstar’s functionality can be instantly switched on and off, delivering a

flexible solution which can adapt as the needs of individual customers’ change. The app’s money management controls include setting spend and ATM limits, online and phone  spending, switch on/off, instant freeze, auto top-up, and real-time notifications, all of which can be changed instantly and remotely.

Dementia and finances 

There are nearly 1m people with dementia in the UK today, and this number is projected to rise to 1.6 million by 2040. As the condition progresses and confusion increases, so does vulnerability to being scammed, losing cash or cards, giving money away inappropriately, or over-buying, and, as a result, hard-earned savings can disappear.

Mainstream banking services are yet to offer the necessary security and functionality required by people with dementia and their families. In the absence of a suitable solution, often the only choice for those caring for individuals living with dementia is to limit or remove access to their finances, which severely limits their independence, dignity, ability to enjoy their everyday activities and live life to the full.

Sibstar is an industry first and the only service of its kind. It gives people living with dementia autonomy and empowers them to spend their money for themselves, by themselves, safely.

Visit www.sibstar.co.uk for more details.