Chetwood Financial, a UK based digital bank that garnered a banking license in 2018, has announced a partnership with Mumsnet, a parenting forum.
According to a statement issued by Chetwood Financial, it plans to launch a new family-focused financial services proposition next year. In partnering with Mumsnet, Chetwood is expected to provide the regulation, technology, and infrastructure to launch financial products that solve some of the financial dilemmas that parents face in the current economic landscape.
Chetwood reports that the announcement follows a panel discussion at this year’s Labour Party Conference, which was hosted by Mumsnet and Chetwood. It was titled “How can we solve the childcare crisis?” and featured Helen Hayes MP alongside representatives from Save the Children and Gingerbread, a charity supporting single parents.
Julia McColl, Chief Product Officer, Chetwood Financial, said that 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.”
Justine Roberts, founder and CEO of Mumsnet, stated:
“We know from Mumsnet’s users that the increasing cost of living is affecting parents across the board. 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.”
Chetwood, which was recently acknowledged as one of the fastest growing firms in Wales, also offers a Banking as-a-Service (BaaS model) prodcut that white-labels its services.