FinTech startup Sibstar has partnered with the Alzheimer’s Society and Mastercard to launch a new debit card and app designed for people living with dementia.

The company aims to provide financial independence for those affected by the condition by providing a debit card that can be pre-loaded with funds and an app that manages how and where money is spent.

Sibstar said that the dementia can cause people to lose the ability to deal with their daily finances, making them vulnerable to scams, over-buying or losing their cash.

The FinTech says that around 90 per cent of those living with dementia have problems managing their money and almost half cite money difficulties as a major worry.

Controls on the platform also include spending limits, auto top up and real time notifications.

Sibstar added that as an individual’s needs change, features can be remotely changed.

Kelly Devine, divisional president, Mastercard UK & Ireland said: “Innovations in technology are making it more and more possible to build tailored products and tools for specific needs, and Sibstar is evidence of this. 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.”

Over the past nine months the product has been tested by 65 people in the UK living with dementia and their families.

There are currently around 900,000 people living with dementia in the UK, with this is set to rise to 1.6 million by 2040.

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