Daylight, the LGBTQ+ neobank, calls it quits
Reading Time: 2 minutesDaylight, an LGBTQ+ banking platform, is shutting down. Its operations will cease on June 30, according to embattled co-founder and CEO Rob Curtis.
In a blog published today, Curtis said he felt like ‘now is the right time to exit this market’ and told customers that their ‘money is safe and will be fully accessible for transfer through 30 June.’
He added: ‘Daylight had a great run paving the way for US LGBTQ+ customers — we opened thousands of trans-inclusive debit accounts, supported thousands of prospective LGBTQ+ parents’ plans for their families. Ultimately, though, we couldn’t provide these services in a way that covered our costs — this is likely a job for big banks and I hope they pick up the torch and carry forward our legacy.’
Founded in 2020, Daylight raised a total of $20 million in funding. Anthemis Group led its $15 million Series A in 2022. Other backers include Kapor Capital, Precursor Capital, Clocktower, Financial Venture Studio and Citi.
The former employees alleged age and wage discrimination, whistleblower retaliation and fraud. For example, Terrance Knox — who is Black — claimed to have made $85,000 less than his white peers. The lawsuit also alleges that Curtis ‘made up’ a projection that Daylight would process $500 million in transactions by the end of 2023.
At the time of its seed raise, the company said its products were designed to promote financial equality and inclusion for the estimated 30-million-plus Americans who identify as LGBTQ+. The startup also planned to build out a LGBTQ+ business marketplace and a platform that offered discounts and rewards when members shop at merchants whose actions support the queer community.
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Reference: https://techcrunch.com/2023/05/22/daylight-the-lgbtq-neobank-calls-it-quits/
Ref: techcrunch
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