Sibstar: Fintech backed by Dragons’ Den stars Deborah Meaden and Sara Davies seeking extra cash
Fintech Sibstar, which is backed by Dragons’ Den stars Deborah Meaden and Sara Davies, has launched a new crowdfunding campaign in a bid to raise £350,000.
The mobile app and debit card for people with dementia was founded by chief executive Jayne Sibley and secured £125,000 after appearing on the hit BBC One show last year.
The company said it would use the extra funds to “accelerate Sibstar’s mission to expand financial inclusion and enable adults to spend safely”.
It added that the additional cash would be used to develop new product features, scale operations, and expand Sibstar’s reach across the UK.
Sibley said: “Sibstar was born out of my personal experience caring for my parents, but what started as an idea has developed into an innovative fintech at the forefront of financial inclusion efforts.
“We’re now expanding our product to support all adults that require help managing their everyday money.
“We’re already supporting people with learning disabilities, mental health conditions, and addictions.
“We want to demonstrate that everybody deserves, and can have, control over their finances in a safe and supported way.”
The crowdfunding campaign comes after Sibley sat down for an exclusive interview with City PM last summer.
Louise Hill, CEO of GoHenry and non-executive director at Sibstar, added: “Sibstar is transforming the way the banking industry supports a hugely underserved audience by providing a secure and practical solution for those who need it most.
“Their approach is not only empowering these adults and their families but also setting a new standard for financial inclusion.
“I fully support their crowdfunding campaign and strongly encourage others to join Sibstar’s mission to achieve safer spending for all.”
Dragons’ Den star to leave hit show
The crowdfunding campaign comes after City PM reported earlier this week that the first company that Steven Bartlett invested in when he joined Dragons’ Den had been rescued after collapsing into administration.
Artisan cheese retailer Cheesegeek has been snapped up by Scotland-based Albex Group for an undisclosed sum.
Bartlett bought a five per cent stake in the London company for £150,000 in 2021.
The investment was featured in the businessman’s first series on Dragons’ Den which aired at the start of 2022.
City PM also reported at the start of the year that Crafter’s Companion, the company started by Sara Davies while at university, owed almost £20m when it collapsed into administration before being rescued.
Crafter’s Companion sells crafts supplies is headquartered in County Durham.
In the year to 31 March 2024, the company made a loss of £6.7m after also losing £5.1m in the prior 12 months.
Davies recently announced she would be stepping away from Dragons’ Den to focus on Crafter’s Companion.