Daylight, an online banking platform designed for the LGBTQIA+ community, announced Friday that it raised $15 million to help its members navigate the unique obstacles they face when trying to build a family.
Daylight was launched in 2020 by co-founders Rob Curtis, Billie Simmons and Paul Barnes-Hoggett, all of whom are part of the LGBTQIA+ community. The startup said it is the first and only digital banking platform in the U.S. specifically designed for and by the LGBTQIA+ community.
With Daylight, members of the LGBTQIA+ community can use their chosen name instead of their legal name on their debit card and in the Daylight app. Daylight also rewards users with up to 10 percent cash back when they spend money with a queer or allied business that has partnered with Daylight.
The Series A round, led by Anthemis Group, will be used to launch a new subscription service that helps LGBTQIA+ couples navigate the financial, legal and logistical requirements of starting a family in their state. The service, called Daylight Grow, will also provide information about family attorney networks, as well as IVF and surrogacy clinics in their area.
“Family creation is a major life event for queer people and the challenges we face are increasingly more complex than those for non-LGBTQ people,” Simmons, Daylight co-founder and COO, said in a statement. “Daylight Grow will help queer people navigate through the complex legal and financial challenges involved, making it faster and easier to start a family and unlocking critical intergenerational wealth for our community.”
Daylight Grow is currently being tested in a pilot phase. The company plans to launch the product in early 2023.
Daylight plans to offer hundreds of free Daylight Glow subscriptions to low-income, marginalized families in states where LGBTQ+ rights are under significant legal attack.
