UK digital bank Chetwood Financial announced a new partnership with the parent forum Mumsnet, with plans to launch a new family-focused financial services proposition next year.
Since acquiring a full banking license in 2018, Chetwood has focused on creating disruptive financial products for underserved segments of the market. The recent acquisition of leading banking provider Yobota means the company has even greater opportunities to support innovative financial offerings through its first-class banking-as-a-service (BaaS) model.
Under the new partnership with Mumsnet, Wrexham-based Chetwood will provide the regulation, technology and infrastructure to launch innovative products that solve some of the financial dilemmas that parents, especially mothers, face in today’s economic landscape.
The announcement follows a marginal panel discussion at this year’s Labor Party Conference, which was hosted by Mumsnet and Chetwood. It was titled “How Can We Solve the Child Care Crisis?” and featured Helen Hayes MP alongside representatives from Save the Children and Gingerbread, a charity that supports single parents.
Julia McColl, Chief Product Officer at Chetwood Financial, said: “We are thrilled to announce our new partnership with Mumsnet. Parents face significant financial pressures, whether it’s a drop in income during maternity leave, the rising cost of child care, or a sharp rise in the cost of living.
We’re working with Mumsnet members to co-create products and tools that work to alleviate some of the challenges they face. Chetwood is proud to work with Mumsnet to make this a reality.”
Justine Roberts, Founder and CEO of Mumsnet, added: “We know from Mumsnet users that the rising cost of living is affecting parents in general. As rising costs make the challenge of balancing family finances even more difficult, we are delighted to be working with Chetwood to help us fulfill our mission of making parents’ lives easier.”