British digital bank Chetwood Financial teamed up with Mumsnet to provided financial services aimed at supporting families experiencing economic difficulties.
The new proposition should reach the market in 2023.
Mumsnet and Chetwood
Chetwood acquired a full banking license in 2018. It has focused on creating financial products for underserved segments of market.
Chetwood recently acquired the core banking provider Yobota, cementing its banking as a service offering.
Financial Products for Families
In a statement, Chetwood says it will “provide the regulation, technology and infrastructure to launch innovative products that solve some of the financial dilemmas that parents, particularly mothers, face in the current economic landscape”.
Chetwood and Mumsnet also hosted a panel discussion at this year’s UK Labour Party Conference, titled “How can we solve the childcare crisis”? The panel also featured representative from Save the Children and the single parents supporting charity Gingerbread.
“We’re thrilled to announce our new partnership with Mumsnet” said Julia McColl, Chief Product Officer, Chetwood Financial. “Parents face significant financial pressures, whether it’s a dip in income while on maternity leave, the rising cost of childcare, or a sharp uptick in the cost of living. We’re working with Mumsnet members to co-create products and tools that work to relieve some of the challenges they face. Chetwood is proud to be working with Mumsnet to make this a reality.”
“We know from Mumsnet's users that the increasing cost of living is affecting parents across the board” added Justine Roberts, Founder and CEO, Mumsnet. As soaring costs make the challenge of juggling family finances even harder, we're delighted to be working with Chetwood to help us fulfil our mission to make parents' lives easier.”
