An LGBTQ+ banking platform, Daylight, is shutting down its operations. According to the CEO, Rob Curtis, the bank will cease operations on June 30.
This comes months after New York Magazine published an explosive feature on the neobank. New York Magazine’s feature talked about the lawsuit filed by three former employees on the inappropriate behavior of the CEO, Curtis.
“now is the right time to exit this market,” Curtis said in a blog post today.
He also assured customers that their money is available for transfer through 30 June.
“Daylight had a great run paving the way for US LGBTQ+ customers — we opened thousands of trans-inclusive debit accounts, supported thousands of prospective LGBTQ+ parents’ plans for their families. Ultimately, though, we couldn’t provide these services in a way that covered our costs — this is likely a job for big banks and I hope they pick up the torch and carry forward our legacy,” he added.
Daylight was founded in 2020, and raised $20 million in funding, with the raising led by Anthemis Group.