New banking service launched to solve LGBTQ issues – OutSmart Magazine

The LGBTQ + community in America still has a purchasing power of $ 1 trillion, 53% struggle to maintain regular savings. They also often face discrimination in obtaining loans based on prejudice. Last year, Daylight, the first and only LGBTQ + digital bank in the United States, was launched by three queer millennials to address specific issues facing the community.

“It was really important to have the community input,” says co-founder and COO Billie Simmons. As a trans woman, she was well aware of the challenges of transitioning. Even though she had legally changed her name and gender marker after the transition, she still had to log into her old online bank accounts using her dead name. At Daylight, you get your chosen name on your card and account, no matter what your legal ID says. “It’s about bringing services to our traditionally underserved community,” she adds.

Daylight also offers specific savings goals for needs like surrogacy, gender affirming surgeries, or even just a trip to Palm Springs. The online platform offers analytics to show you how gay-friendly your spending is and connect you with others to share your goals and get authentic advice.

All of Daylight’s founders and employees identify LGBTQ or their allies. Two years ago, Simmons met Daylight co-founder Rob Curtis, entrepreneur and former CEO of gay dating site Gaydar and co-founder of LGBTQ + mental health platform Helsa.

“I met Rob on a Google panel two years ago when we were both involved with other startups,” Simmons recalls. “Later he approached me with the idea that it would turn into daylight, and I had a light bulb moment. It was a way to provide financial services to our community that other banks did not come across. The third co-founder and CTO of Daylight is Paul Barnes-Hoggett, a technology leader with a master’s degree from the University of Edinburgh.

Forbes called Daylight “a new way to bank for the LGBTQ + community – a way never seen before.” Neobanks, or virtual banks, like Daylight, join forces with traditional banks. Daylight is partnering with Visa on the company’s Fintech Fast Track program, which gives tech-driven financial startups access to its global payments network, says Simmons.

Daylight also offers rewards when you shop at thousands of businesses and a special 10% discount for spending at queer bars and LGBTQ + aligned businesses. They also donate $ 10 to LGBTQ + charities for every customer who opens an account. Plus, you get all the usual cooking features you’d expect. With Daylight, you get a fully functional debit card connected to a mobile banking platform and an FDIC insured bank account. You get integration with mobile payment platforms like Apple Pay and Google Pay, as well as free ATM withdrawal every month. The platform is secured with 256-bit encryption, online protection at bank level. There is no minimum charge and they offer early direct deposit.

Unlike some large institutions that ‘rainbow wash’ while investing in projects and politicians that work against the community, Daylight caters to all of your financial needs while specifically catering to the LGBTQ + community and its allies. They welcome everyone, even if they do not tolerate any hatred towards the community.

“The response from the LGBTQ + community so far has been incredible,” said Simmons. “I am constantly touched by the stories of how daylight has benefited their lives. “

For more information on Daylight, visit joindaylight.com.