Daylight, an LGBTQ+ neobank, is shutting down.
Rob Curtis, Daylight’s co-founder and CEO, announced the decision in a blog, stating that the neobank will cease operations on June 30. He pointed to the high interest rate environment made it challenging to build scale to serve the startup’s target market.
“We really threw everything that we had at this business,” Curtis wrote “Not to make money (founder salaries are, for the most part, far below market rate), nor for the get-rich-scheme (most start-ups fail). Mission carries us through the tough times.”
Daylight has been supported by Pathward.