Daylight

Daylight was a digital banking platform founded in 2020 specifically designed to serve the LGBTQ+ community in the US. The company aimed to address unique financial challenges faced by LGBTQ+ individuals, such as difficulties opening bank accounts, applying for credit cards, and planning for the future. Daylight's core product was a mobile banking app and Visa debit card that allowed users to display their chosen name, regardless of their legal name. The platform also offered financial tools to help improve spending habits, customized goal tracking, and access to financial coaches specializing in LGBTQ+ money management.

In addition to basic banking services, Daylight provided features tailored to the LGBTQ+ community, such as guided savings goals for gender-affirming surgeries and family planning. The company aimed to offer up to 10% cash back on purchases made at LGBTQ+-allied businesses. In November 2022, Daylight announced plans to launch a subscription service called Daylight Grow, focused on financial and family planning for queer families. This service was intended to provide personalized family creation plans, access to vetted family attorneys and fertility clinics, and family-building loans.

Despite its mission-driven approach, Daylight faced significant challenges. In March 2023, the company became embroiled in controversy when three former employees filed a lawsuit alleging discrimination, whistleblower retaliation, and fraud. The allegations included claims of wage disparities and fabricated financial projections. On May 22, 2023, Daylight announced it would cease operations on June 30, 2023, citing difficulties in scaling and providing services in a cost-effective manner.

Key customers and partnerships

Daylight partnered with Visa as part of the Visa Fintech Fast Track program, which provided the company access to Visa's global network and resources. The banking services were provided through a partnership with MetaBank, which held FDIC insurance for customer deposits.