Public Funding for Touco Lab Ltd

Toucan is launching a Care Card, a restricted access prepaid card for people who need to ask family members, carers or neighbours to shop on their behalf. According to the NHS, 1.3 million 'vulnerable people' are unable to do their own chores like shopping because they are shielding. When asking a helper to shop on their behalf, getting hold of cash to hand over is difficult at the moment, and no-one wants to share their debit card and PIN number. That's where the Care Card comes in. Not only will it provide better control for the account holder over how and when the money is spent, but it will give a view on what's been spent and what balance is left for both the account holder and their helper. The helper will even be able to upload a receipt of their shop, so everyone can keep track of how money is being spent. If you're setting up a Care Card, you'll want to specify how the card can be used. How much will you want the helper to be able to spend in a day, a week, or in a single payment? And then you'll be able to invite the helper to receive the card at their address, with their own PIN. But crucially, at all times, the money available on the card remains under your control. You'll be able to see every transaction coming through as it happens, as will your helper. And if for any reason you want to block that helper's access to your money, you can do so easily. Family members will also be able to keep an eye on what's being spent if they need to, with access to a read-only version of the app. Toucan's mission is to use technology to make financial services better and more accessible for those of us who are more vulnerable. They have previously worked with the Money and Mental Health Policy Institute and Nationwide Building Society, as well as being selected as part of Nesta's Open Up Challenge 2020 and the Barclays Techstars Accelerator programme. This new product will sit next to their existing app, designed to help carers and those they care for manage their money safely together. The Care Card will launch later in 2020\. Sign up at usetoucan.com for early access.