StorkCard has released the UK’s first family finance app to help new parents navigate the costly adventure of raising a family.
Parents enter their budget and baby’s due date, and StorkCard’s artificial intelligence creates a personalised spending plan that predicts the costs for clothing, feeding, sleep, play and travel over the baby’s first 12 months.
These baby cost plans are fully customisable, enabling mums and dads to:
- Take control of their family’s financial health
- Understand how and where their money will be spent
- Figure out ways to stretch their budget even further
- Anticipate and solve problems far in advance
- Focus on the joys of having children, not the costs
Andres Korin, co-founder of StorkCard said, “There are specialised financial products that help people manage nearly every major life event, but so far there’s nothing for new parents navigating the financial shock of having a baby. We want to transform the way parents interact with the financial system, making it work for them, rather than the other way around.”
In addition to its app, StorkCard will soon release an AI-driven debit card account for all baby-related spending. This account will provide automatic updates to the spending plans, offer parents child-related shopping discounts and assess their eligibility for government financial assistance.
Korin added, “When my son was born, my wife and I were unprepared, and it took a big toll on our savings. When our daughter was born, we had the knowledge all second-time parents have, but we no longer had enough savings to comfortably manage the costs. For young families to thrive, parents need both information and access to resources. StorkCard is our answer.”
Bruce Pannaman, co-founder of StorkCard said. “StorkCard eases the pressure facing both new parents and experienced mums and dads. Childcare costs are increasing faster than wages and young families are struggling. Many deplete their savings, while others find they have to rely on expensive debt to make ends meet. This financial burden falls disproportionately on working mothers and their careers. StorkCard’s goal is to change this for the better. ”
To date, the company’s mission has been recognised by industry and community organisations The Finance Innovation Lab, Toynbee Hall, and Fair by Design. StorkCard was also featured as a noteworthy and positive social innovation in The London Assembly’s Mayoral report on the financial health of Londoners.
StorkCard can be downloaded on Apple iOS and Android.