Daylight

Daylight is a digital bank providing services to members of the LGBTQ+ community via an online platform. It announced that it will cease operations on June 30, 2023, with customers having full access to their funds until this date.

The company enabled customers to create new accounts and obtain debit cards using their preferred name, as opposed to their legal form of identification, which helps transgender and nonbinary individuals create bank accounts without the required changes in legal documents. Products offered by the company include a checking account inclusive of a debit card. It also provided cashback rewards for purchases made at businesses that support LGBTQ+ initiatives. As of January 2023, it was open for new signups to join the waitlist.

The company also had plans to launch a new subscription service–Daylight Grow–in 2023, which will offer a personalized family creation plan covering financial, legal, and logistical milestones. It will also include family planning concierges who will provide financial counseling and logistical support, as well as a "family-building marketplace" with vetted family attorney networks and referrals for IVF and surrogacy clinics.

Key customers and partnerships

Daylight offered banking services in partnership with Pathward, while it partnered with YML, a digital design and product agency, to develop Daylight Grow.

Funding and financials

The company raised USD 15 million in a Series A funding round in November 2022, led by Anthemis Group. It had planned to use the fresh capital to launch Daylight Grow.

Key competitors: None comparable (Daylight is the only startup that provides banking services catering to the LGBTQ+ community in the US)