Daylight, an LGBTQ+ focused neobank in the fintech industry, is shutting down entirely, ceasing operations on June 30, 2023. The closure follows significant turmoil, including a lawsuit from former employees alleging discrimination and misconduct by the CEO, as well as a reported inability to sustain its services profitably. The startup, which had raised $20 million in venture capital, is effectively laying off its entire workforce as it winds down. CEO Rob Curtis cited the challenge of covering costs and suggested that serving the LGBTQ+ community might be better suited for larger banks.
