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November 21, 2022

LGBTQIA+ neobank Daylight raises $15m through Series A round

Daylight , a US-based digital bank to offer financial products and services for LGBTQIA+ community, has raised $15m in Series A financing.

This funding round was led by Anthemis Group , and had seen participation from CMFG Ventures , Kapor Capital , Citi Ventures , and Gaingels, among others.

Anthemis Group managing director Vinay Singh will join Daylight’s board of directors, which includes Daylight co-founder and chief operating officer Billie Simmons .

Daylight plans to use this investment to expand its services to support LGBTQ+ people looking to start and expand their families.

About 3.8 million LGBTQ+ millennials are planning to expand their family in the next five years and the company aims to tap them.

Daylight Money will roll out a new subscription service called Daylight Grow, a financial and family planning product designed specifically for LGBTQ+ and their families.

Simmons said: “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. 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.”

The product will be officially launched in early 2023.

When the product is launched, subscribers of Daylight Grow will receive a personalised family creation plan covering financial, legal, and logistical milestones customised to requirements; family planning concierges to offer financial advice and logistical support; a family-building marketplace with family attorney networks, and IVF and surrogacy clinics in their area; and access to family-building loans

The company will provide hundreds of free subscriptions to low-income, marginalised families in those US states where LGBTQ+ rights are under significant attack legally.

Currently, Daylight Grow is undertaking research and development of the product with a pilot programme.

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