Daylight, a US-based digital banking platform aimed at supporting the LGBTQ+ community, has received an investment from Anthemis.
The FinTech company closed its beta in Q1 2021 and has now launched its app to the wider public.
Founded by Rob Curtis, Billie Simmons and Paul Barnes-Hoggett in 2020, claims to be the first and only digital banking platform in the US that caters to the LGBTQ+ community, with tailored financial products and services.
Its website states that “Many banks say they support the queer community but actually invest in projects and politicians that work against you and your chosen family.”
The mobile banking app enables account holders to check their balances, set personalised savings goals, automate savings, access spending analytics, share with the community, freeze the debit card, and make payments with the card. Other features include getting access to salary early and cashback on spending in LGBTQ+ allied businesses.
In a blog post announcing its investment, Anthemis said, “This ecosystem has yet to evolve beyond a rigid — and often insensitive — foundation to accommodate the identities and diverse needs associated with the LGBTQ+ community. Whether it be gender identification options on a loan application or underwriting a gender transition, banks and other financial institutions tend to exclude LGBTQ+ groups by default.
“However, the LGBTQ+ community has almost $1 trillion in spending power in the US, and thus represents a major audience, with each individual actively engaged with their own financial lives. With Daylight, the LGBTQ+ community is able to access a diverse set of financial products and services, tailored specifically to them and their financial goals.”
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