New Funding Enables Companies to Go Beyond Traditional Banking and Help Queer and Trans Parents Grow Up a family
NEW YORK, Nov 18, 2022 /PRNewswire/ — day timethe first and only digital bank designed to build financial products and services to help queer people live their best lives, announced today $15 million in new funding led by Anthemis Group, with participation from CMFG Ventures, Kapor Capital, Citi Ventures and Gaingels, among others. Vinay SinghManaging Director at Anthemis Group, will join Daylight’s Board of Directors, along with Billie Simmons, Co-Founder and Chief Operating Officer of Daylight. The company will use this strategic investment to expand its services to support LGBTQ+ people who want to start and grow their families.
while 3.8m LGBTQ+ millennials plan to expand their families in the next 5 years, freaks United States of America face significant logistical, legal and financial obstacles to doing so. In addition to its first offering, Daylight Money, which provides consumer financial and payment services to thousands of LGBTQ+ people, the company will launch a new subscription service called Daylight Grow – a financial and family planning product designed specifically for queer families.
“Creating a family is a major life event for queer people and the challenges we face are even more complex than those of non-LGBTQ people. 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 unlock critical intergenerational wealth for our communities,” said Billie SimmonsCo-Founder and Chief Operating Officer of Daylight.
When the product officially launches in early 2023, Daylight Grow customers will receive:
- A personalized family creation plan covering financial, legal and logistical milestones tailored to their circumstances and needs
- Family Planning Concierge to provide financial advice and logistical support
- Family building marketplace with a network of vetted family lawyers, and IVF and surrogacy clinics in their area
- Members-only digital community platform and in-person financial and fertility education events
- Access to family construction loans
To level the playing field, the company will offer hundreds of free subscriptions to low-income and marginalized families in states where LGBTQ+ rights are under significant legal attack.
“At Daylight, our mission has always been to break down the financial barriers that hold LGBTQ+ people back. This new funding allows us to build important new services that will help put family building within the reach of many,” said Rob CurtisCo-Founder and CEO of Daylight. “With LGBTQ+ marriage and parental rights again under siege, protecting equality is important, but allowing discrimination against LGBTQ+ people in the name of religious freedom reinforces our status as second-class citizens. In this post-Dobbs world, Daylight’s commitment to supporting queer families has never been more needed.”
“We believe the future of banking is tailored financial products and services, delivered in context when and where they are most needed,” said Vinay SinghManaging Director at Anthemis Group. “We’re excited to support Daylight as they do just that for the queer and trans community, in a rapidly growing family creation market that urgently needs better financial solutions.”
The full set of investors in Daylight’s Series A round includes Anthemis Group, CMFG Ventures, Kapor Capital, Citi Ventures, Gaingels, Mendoza Ventures, Digital Horizons, University Growth Fund, Social Funding, Clocktower Ventures and Financial Venture Studio, and a syndicate of private investors.
Daylight Grow is currently undergoing research and product development with a pilot program, with plans to launch to the public in early 2023. To learn more, visit www.joindaylight.com.
Founded in 2020, Daylight is the first and only digital banking platform in the US designed specifically for and by the LGBTQIA+ community. The company was founded by Rob Curtis, Billie Simmons and Paul Barnes-Hoggett. To learn more, visit joindaylight.com.
About Anthemis Group
Anthemis Group is a global platform that fosters change in the financial system by investing in, growing and sustaining businesses committed to resilience, transparency, access and equity. Founded in 2010, our deep understanding of markets and models, passion for emerging technologies and value inspires everything we do. By creating fertile ground for diverse groups of startups, investors, entrepreneurs, institutions, academics and visionaries to gather, we believe we can solve the financial system’s most pressing challenges faster, better and for the benefit of all. To learn more, visit anthemis.com.