Get your chosen name on your card irrespective of what your legal ID says.
A new online bank sets to offer an exclusivity package for members of LGBTQ+ members in the United States. Daylight Bank, a neobank, describes itself as the first online financial bank for members of the gay community. Here are the things you need to know about this bank.
Introducing Daylight bank
On Wednesday, June 30, Tech Crunch reported about a new online bank that sets to become the first gay bank in the country. Introducing Daylight Bank, this neobank sets itself apart from traditional financial banks due to its offer of exclusivity for LGBTQ+ members only.
Recently, the founders of the app LGBTQ+ entrepreneurs Rob Curtis (CEO), Billie Simmons, a trans woman (COO), and Paul Barnes Hoggett (CTO), announced its seed funding which secured them a whopping $5 million. Daylight, first established in 2020, wants to use its funding to improve financial equality amongst its members.
“Many neobanks do not provide a truly unique banking experience that will result in a mass exodus from traditional banks,” said Kapor Capital Partner Brian Dixon, one of Daylight’s financiers. “Daylight has an opportunity to be the outlier, especially given their focus on community. Daylight’s unique features include a seamless card issuance process that allows trans and non-binary customers to order a card in their preferred name, book sessions with expert LGBTQ+ financial coaches, get peer-to-peer advice from their digital community and earn rewards that are meaningful to the LGBT+ community.”
Daylight Bank unique features
Unlike traditional banks, this neobank has unique features, made especially for gay community members. One feature they have is the ‘Walk the Walk’ radar status. This feature allows you to know whether the store you’re buying from supports the community or not.
Another of its feature is the ‘Get Paid Early’ tab. In here, employees can receive their paycheck two days earlier than usual. Meanwhile, Daylight also has ‘#CallMeByMyName’ feature which allows members of the community to be acknowledged by their preferred name, no longer needed to based on the biological status of the person.
Aside from these unique features, Daylight promises to commit into giving a ‘secured’ service for all who will sign up on their bank. No hidden fees and free ATMs are also offered by the bank.
‘Living as queer is expensive’
Rob Curtis, CEO and one of Daylight’s founders, said the goal of Daylight as a bank for LGBTQ+ members is to give them leverage in the financial world. He explained that living as a member of the community is much more expensive compared to a non-LGBT member.
“Not only do we find that when we come out to our parents, 40% of us no longer have financial support for things like college and those transitions from childhood into adulthood. We end up with 50% more college debt. We also have increased sexual health costs and some have gender-affirming surgery that they need to pay for.”
So far, the company said October is the scheduled launch date of the new online bank.