Business

Launch of the first LGBT + digital banking platform in the United States

New York: The first LGBT + owned directed digital banking platform launched in the United States this week, as part of a growing effort to meet the needs of gay and transgender clients.

Daylight, a new platform, said it has developed tools and content to help LGBTI + Americans reach specific financial goals such as saving money for surrogacy or transgender surgery and to make banking services more inclusive.

Daylight CEO Rob Curtis said the country’s estimated 9 million LGBT people possess roughly $ 1 trillion in collective purchasing power, but most suffer from a lack of services from banks that fail to tap into their assets. Or address their interests.

“While it is great that financial services companies join us in the pride marches, few of them have captured the critical challenges of our community,” he said in a statement.

Entrepreneurs in Brazil set up the country’s first bank for LGBT + individuals, Pride Bank, last year, and the first credit union designed for the LGBT + community, Superbia Credit Union, is expected to launch in the US later this year.

“We are working to create a more inclusive and accessible financial ecosystem … for those who have long been underrepresented,” Terry Angelos, senior vice president of Visa Credit Cards, which supports these efforts, said in a statement.

Daylight will offer prepaid credit cards with preferred customer names, and address a thorny issue for transgender people using names different from those presented at birth.

It will also provide trained financial coaches to deal with the special needs of LGBT +.

Daylight plans to officially begin providing services in mid-December.

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