Being a parent is a full-time job, and the costs of raising a child are steadily increasing. StorkCard helps families proactively save by predicting future costs of raising children. By using AI, Storkcard helps parents track spending, set realistic budgets, and anticipate upcoming expenditures. It also has select partnerships with various companies to help parents save up to 30% on baby expenses. Storkcard is free to use, and its mission extends beyond proactive saving and budgeting. Storkcard plans to tackle issues that include the problem that working mothers face, expensive childcare, and low statutory parental leave.
London TechWatch interviewed Andres Korin to learn how StorkCard approaches family finances.
Tell us about the product or service that StorkCard offers.
StorkCard is a new joint account using artificial intelligence and the power of community to help parents baby-proof their hard-earned money. The account anticipates child-related costs far in advance and makes it easy for parents to coordinate child-related spending amongst themselves and with others who look after their child.
We often say, “it takes a village to raise a child,” and the StorkCard joint account helps parents tap into the power of their own personal village.
No other app helps you baby-proof your finances. In contrast to other personal finance apps and digital banks, StorkCard specifically focuses on solving the unique financial challenges of parenthood. Our innovative use of data gives parents the knowledge and foresight needed to thrive, both now and over the coming months and years.
What market is StorkCard attacking and how big is it?
In the UK, parents spend a combined £120B per year raising children. With childcare costs rising 3x faster than wages, more and more families are struggling. This financial burden has had a disproportionate and unfair impact on working mothers and their careers. Our mission is to promote the financial health of families and economically empower mothers.
Who do you consider to be your primary competitors?
Our FinTech competitors such as Cleo and digital banks like Monzo are currently historically focused (e.g. categorisation of past spending) and are very limited in terms of the foresight they provide beyond one month in the future.
We can predict costs months, if not years, in advance and educate and prepare parents. This allows us to forecast costs beyond next month’s direct debit.
What is the business model?
StorkCard is free to use for parents. We help parents with the financial problems faced by families throughout all stages and ages. We are creating a marketplace model with many different companies and partners that we believe can help families on an individualised basis.
Tell us a little about your background and what inspired the business?
Before kids, my wife and I considered ourselves pretty financially savvy people. That all changed with our first child. It was amazing but overwhelming.
When your baby arrives, it is a wonderful time. But it can also be incredibly stressful, particularly with regards to money so we believe that parents need as much of a helping hand as possible.
The number of parents using separate bank accounts is increasing; however, this concept becomes complicated once you have a child. StorkCard makes it easy for parents to cooperate, plan ahead and ease their financial worries.
Tell us what building your company in London has been like?
Honestly, I can’t imagine building a company anywhere else. We feel at home in London as it is the global hotbed of FinTech innovation. The right mix of talent, FinTech networks and communities has been essential for getting StorkCard to where it is today.
What are the milestones that you plan to achieve within six months?
Our primary focus will be rolling out StorkCard across the UK and building partnerships with retailers and parenting organisations. Early user testing has been incredible, and as we gather more and more feedback, we have been improving the product at breakneck speed.
We are working hard to ensure that StorkCard is the Number 1 trusted resource for families looking to improve their financial health and babyproof their money. We plan to help parents even more in the next six months, tackling the major issues of expensive childcare and low statutory parental leave pay. Watch this space!
We are working hard to ensure that StorkCard is the Number 1 trusted resource for families looking to improve their financial health and babyproof their money… We plan to help parents even more in the next six months, tackling the major issues of expensive childcare and low statutory parental leave pay.
If you could be put in touch with one person in the London Tech community who would it be and why?
Anne Boden, CEO and founder of Starling Bank. What she has built at Starling has been incredible. I could learn a lot from her drive, commitment, and expertise.
What does being “Made in London” mean to you and your company?
Part of it means cherishing the diversity of our staff, partners, and customers. The other side means being resilient and thriving through adversity.
What else can be done to promote early-stage entrepreneurship in London?
Bringing together more people in the industry to talk about the financial issues people face and promote innovation, investment and new thinking to help alleviate these problems for people around us.
What is your favourite restaurant in London?
Cooper & Ink, in Blackheath Village.
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