Our top picks of timely offers from our partners

More details
CIT Bank
Learn More
Terms Apply
Earn 15x the national average with a Savings Connect account. Member FDIC
Rocket Mortgage
Learn More
Terms Apply
Rates could continue to rise - look into refinancing with one of our top picks.
One of the longest intro APR periods on purchases and balance transfers
Rocket Money
Learn More
Terms Apply
Track your spending and net worth, and cancel unwanted subscriptions
Chime
Learn More
Terms Apply
No late fees, no monthly service fees, and get paid up to 2 days early with direct deposit
Select independently determines what we cover and recommend. We earn a commission from affiliate partners on many offers. Read more about Select on CNBC and on NBC News, and click here to read our full advertiser disclosure.
Latest

Daylight launches as the first LGBT+ digital banking platform

Daylight, formerly Be Money, is the first and only digital banking platform in the U.S. specifically designed for and by the LGBT+ community.

Share
Getty Images

Traditional banks and financial products weren't necessarily created with a diverse audience in mind — these apps and accounts take more of a "one-size-fits-all" approach. But more and more start-ups are looking to democratize the space with more specific products for specific audiences. One of the newest companies aiming to disrupt the financial world is Daylight, the first digital banking platform in the U.S. that’s specifically designed for the LGBT+ community by the LGBT+ community.

The platform aims to help LGBT+ people navigate their finances and prepare for their futures through products and content designed specifically for their unique needs — whether that’s saving up for an emergency fund, to start a family or for gender transition surgery.

“Outside of media, dating and apparel brands, there’s little focus on the adult lives of LGBT+ people,” Rob Curtis, CEO of Daylight, tells CNBC Select.

But with an estimated 30 million people in the U.S. identifying as LGBT+, it's a hugely underserved community, says Billie Simmons, Daylight chief of staff.

Daylight will begin operations in mid-December with an invite-only beta phase for a few hundred people and an initial focus on consumers in California and New York. The company plans to expand from there. To request an invite, visit joindaylight.com.

Here’s what you can expect from Daylight:

What Daylight offers the LGBT+ community

Daylight will offer a wide range of products, including the Daylight Visa® Prepaid Card. There's also an app that offers tools and advice to help the LGBT+ community expand their financial skills and plan for their future. Key benefits include:

  • Visa-branded cards in your preferred name, even if it does not match your legal ID
  • Financial tools to improve spending habits with the ability to customize goals and share them with the Daylight member community
  • A personalized feed of expert financial advice and resources unique to the LGBT+ community
  • Ability to access a network of financial coaches specializing in LGBT+ money management and life events
  • Opportunities to make direct donations within the platform to LGBT+ aligned charities

Daylight is backed by Marqeta, a global card issuing platform, and Visa, one of four major credit card networks. While there’s currently no card loyalty program, Curtis mentioned there are plans to explore programs down the line.

Daylight joins Visa’s Fintech Fast Track program as the first LGBT+-focused fintech. As a part of Fast Track, Daylight can leverage the reach, capabilities and security of Visa’s global payments network, VisaNet. Beyond Daylight's consumer offerings, the company will work with Visa to build and advocate for more inclusive financial systems for LGBT+ people around the world.

Don't miss: Citi launches "True Name" feature with Mastercard to make paying with credit cards easier for trans and non-binary communities

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
See if you're approved for a loan
Learn More
Terms Apply
Match with lenders that best fit your needs with our personal loan marketplace
Find the best credit card for you
Learn More
Terms Apply
Review cards that offer cash back, miles, welcome bonuses, 0% intro APR, and more