StorkCard is working with Toynbee Hall, the social settlement charity, to refine its parenting products and drive the largest social impact possible. Recent engagements saw StorkCard canvas the charity’s community on how to solve the financial challenges consuming expectant parents and families.
The savvy startup engaged a diverse group of women at Toynbee Hall to delve into the social impact of its product. This uncovered common issues like:
• Constantly worrying about money when trying to save for day to day life
• Uncertainty surrounding future costs and inflation
• Having to ask for informal help with childcare due to the high cost of private services
• A lack of access to, and poor awareness of, available state benefits
• Ensuring gifts help with common child costs
• The fact traditional joint accounts prevent single parents claiming benefits after separation
One of the focus group participants, raised:
“I always worry about money, you always have to buy things unexpectedly when you should be saving for other things. It’s mentally consuming, so it’s good to know there are companies out there that are trying to find a solution.”
StorkCard’s budgeting app and current account uses AI and machine learning technology to create a personalised spending plan for new parents. Predicting the costs of clothing, feeding, sleep, play and travel over a baby’s first 12 months helps new parents baby-proof their money.
Bruce Pannaman, StorkCard co-founder, said:
“StorkCard is for everyone and we are committed to empower as many people as possible. Finance is boring, notoriously stressful and critical in making your life better. We want people to focus on the joys and happiness of having children.”
Set up in 1884 in London’s East End, Toynbee Hall is a powerhouse for change and a catalyst for social reform. The charity creates new ways to help those in poverty in the UK – whatever their age or background.
StorkCard co-founder, Andres Korin, commented:
“Money is the number one worry for most people. For any new parent this feeling can intensify, overshadowing the joyful experience of having a child. StorkCard is built from the ground up to help people overcome this and we chose to collaborate with Toynbee Hall as its team deeply shares our passion.”
“Being a parent myself, I know the struggles parents face daily and we love finding common ground with other parents facing the same challenges. The perspectives shared in our sessions really framed the social impact that’s driving StorkCard forward.”
Toynbee Hall is not alone in recognising StorkCard’s mission. The Finance Innovation Lab, Fair by Design and The London Assembly’s Mayoral report on the financial health of Londoners are some other organisations.
StorkCard’s Electric Money Institution (EMI) licence from the Financial Conduct Authority (FCA) means as soon as customers transfer money into their account, it is guaranteed at all times.
Sign up for a StorkCard here and download the app on Apple iOS and Android.