A revolutionary financial service to help protect the vulnerable has been launched by two Hull entrepreneurs.
GuardianCard from friends Nick Thompson and Aidan McAllister aims to provide a safe and secure banking solution for relatives who want to assist in managing the finances of family members, without removing their independence.
It has all the functionality of a debit card, but also allows the holder to issue virtual credentials to a relative or carer so they can shop or pay bills on their behalf with total control and transparency.
Personal experience saw them both care for older relatives’ finances and a chance conversation between the former colleagues has brought the platform to life - with GuardianCard issued by PayrNet, a principal member of Mastercard, and a business authorised by the Financial Conduct Authority.
Mr McAllister, who spent much of his working life providing tech solutions to the care industries, including The Phone Co-Op, said: “We know that supporting and caring for an older loved one can be stressful and tiring and there is always the temptation to stick one’s head in the sand and avoid some big realities.
“Our vision for GuardianCard is to offer a solution to be part of that caring role and provide people with older and vulnerable loved ones a much higher degree of financial security.
“Covid-19 has created a real problem in this industry, in that it has become even more difficult to keep older relatives safe and secure from dodgy scams and fraudulent activity.”
He supported his parents, while Mr Thompson’s mother-in-law was his primary concern.
App technology allows the cardholder and a trusted relative to receive real-time transaction reports to help spot any suspicious activity.
Recent statistics suggests that 130,000 people over 65 have suffered financial abuse, with 70 percent of financial abuse perpetrated by family members.
The personal finance platform is also put forward as a suitable service for those seeking power of attorney.
Following significant investment, the duo have ambitious plans to grow to 100,000 members over the next five years.
Mr Thompson, who worked alongside Mr McAllister at The Phone Co-Op as chief executive, added: “Conversations around finances can be awkward and sometimes avoided altogether. GuardianCard is the perfect way to open up these conversations, allowing older people to retain their independence while providing a safety net to ensure that they are less vulnerable to theft or financial loss.”
As well as ambitious plans for growth, the Hessle-based company has pledged to donate five per cent of its annual profits to its internal Golden Years Community Project - a platform dedicated to supporting the older generation, as well as giving each staff member three days off a year to volunteer with their chosen charity.
