- The Brazilian fintech was first launched in November in beta version and provides digital banking services;
- The CEO said the bank aims to solve the pain and friction that LGBTI+ individuals face when dealing with traditional financial institutions.
LGBTI+ people often talk about companies focused on their “pink money”. This one is officially handling the community’s money: Pride Bank, the world’s first digital bank for the LGBTI+ public, debuts this Monday for individuals and companies. The Brazilian fintech was first launched in November in beta version and provides services such as digital accounts, transfers, payslips, and the recharge and purchase of credits for prepaid mobile service. Now, it is expanding services.
Pride Bank’s proposal is to revert part of the gains to social causes and LGBTI+ initiatives. Last December, LABS reached out to Pride Bank’s CEO Marcio Orlandi Junior. Back then, he said that in Brazil, it is estimated that approximately 20 million people identify themselves as lesbians, gays, bisexuals, transgenders, intersex individuals or other gender identities and/or sexual orientations. “We want a good portion of this population”, he said.
The creation of the bank aims to solve the pain and friction that LGBTI+ individuals face when dealing with traditional financial institutions, not always familiar with diversity, according to the CEO.
Valor Investe reports that Pride Bank wants to be a payment institution and later, a direct credit grantees company. The newspaper also says that in the future, the the neobank wants to offer health insurance to its account holders.
The premiere for general public was scheduled for June, Pride Month, but as the traditional street Pride Parade in São Paulo was canceled due to the Covid-19 pandemic, Pride Bank debut’s plans were postponed.