Kalgera: MyAV·¶ startup safeguards the finances of vulnerable adults
16 May 2019
An innovative new mobile and web application, developed by Dr Dexter Penn (Dementia Research Centre, MyAV·¶ Queen Square Institute of Neurology) is helping to protect the finances of vulnerable adults, including the elderly, who are at risk of online fraud and scamming.
A population at risk of fraud
Each year, around five million older people in the UK fall victim to scams, collectively losing an estimated ÂŁ1.2 billion. Health factors and life events can contribute to financial vulnerability and increase the likelihood that a scamming attempt will be successful.
Dr Dexter Penn, Clinical Research Fellow at the MyAV·¶ Dementia Research Centre, observed this problem daily through his clinical work in elderly care. It came into sharp focus when a patient fell victim to scams and lost the money to pay for his place in a care home. After an emotional visit from the patientâs only surviving relative, Dexter was compelled to provide better financial safeguarding.Â
Innovative financial safeguardingÂ
Dexter devised a solution which applies neuroscience research and machine learning to detect subtle changes in financial behaviour associated with vulnerability to fraud.Â
Kalgera â meaning âgood old-ageâ in Ancient Greek â is a mobile and web app that analyses past and present financial behaviour to identify risks and trigger personalised alerts. Users can also nominate trusted family and friends to manage shared financial decision-making without compromising their account details or their ability to move money.Â
Research shows that around half of the six million caregivers in the UK assist loved ones with money management, but find it difficult due to a lack of time and access to information. The Kalgera app means conversations can be had quickly if something doesnât seem right, while allowing vulnerable people to stay in control.
From business concept to deliveryÂ
After shaping his idea at a MyAV·¶ enterprise boot camp, Dexter won the MyAV·¶ Bright Ideas Award (now the âLaunch ÂŁ10,000 Programmeâ) and was given free office space at The Hatchery â MyAV·¶âs business incubator for startups. He obtained financial support, mentorship and guidance from MyAV·¶ Innovation & Enterprise â enabling him to complete market research and find suitable co-founders to develop Kalgera.
Dexter has also contributed to discussions around public policy at a round-table meeting at 10 Downing Street and the Cabinet Office. He's subsequently been appointed to the NHS England Clinical Entrepreneur Programme, and secured more than ÂŁ300,000 of additional investment in 2018.Â
Kalgera will formally launch as a subscription service in 2019, and is currently employing four staff members.Â
Dr Dexter Penn said: âFrom ward rounds to funding rounds, Kalgera represents a personal transformation for me. I wouldnât have known how to make my idea a reality without the guidance Iâve received from MyAV·¶. Iâve been able to find my voice and develop my skills to tackle a problem I feel passionately about.â
Kalgera is hosting an event for our Champions in London on Tuesday 21st May, 2019. Meet the team and our amazing community!
Links
- Kalgera Champions Celebration, 21st May 2019
- how we support entrepreneurship among MyAV·¶ staff and students
Source: MyAV·¶ Innovation and Enterprise
Images courtesy of Kalgera Ltd, 2019.