Mumsbank? Mumsnet teams up with Chetwood to launch financial products in 2023

Think babies meets banking-as-a-service.

Parenting giant Mumsnet is planning to launch its own suite of financial services in 2023, with the help of banking provider Chetwood Financial.

Mumsnet, the popular parenting website, says it will be introducing “a new family-focused financial services proposition”, but hasn’t specified exactly what that will look like only that it will “solve some of the financial dilemmas that parents, particularly mothers, face in the current economic landscape.”

Chetwood, with its banking licence and the recent acquisition of core banking provider Yobota, will supply the technology and infrastructure that Mumsnet needs.

“We know from Mumsnet's users that the increasing cost of living is affecting parents across the board,” said Justine Roberts, CEO and founder of 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.”

Other customers currently using Chetwood's technology include B2B BNPL Tranch and rental lender Fronted, who both use the Yobota core banking platform.

Chetwood and Mumsnet co-hosted a session at the Labour Party Conference this week where they discussed several of the specific financial challenges facing parents, including how maternity or paternity leave can make accessing certain financial products more difficult.

Julia McColl, Chetwood’s chief product officer, said: “We’re working with Mumsnet members to co-create products and tools that work to relieve some of the challenges they face.”