25% of bank branches
"I really think that collaborating and getting that support with a trusted person will help people out of their debt situation, their anxiety, their shame about money, and helps them retain that sense of independence as well," says cofounder and CEO Bailey Kursar. There is a corresponding web platform for the vulnerable person to ensure it can be used by people without access to a smartphone.
The Touco app is based around the carer, allowing them to view financial transactions and safeguard against fraud.The next thing Kursar and her six-person team plan to launch is a Care Card, a prepaid card that aims to give carers a transparent way to pay for things like groceries using the Touco account.
"Lots more people are now talking about vulnerability, which is great," she says. "Unfortunately, the crisis is going to have multiple effects over the next few years, one of which is going to be lots of people needing this type of support." Since then she has worked at peer-to-peer invoice platform MarketFinance and high-profile neobank Monzo, now worth $1.6 billion.
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