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The first and only digital banking platform in the U.S. specifically designed for and by the LGBT+ community

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About

Daylight is the first and only digital banking platform in the U.S. specifically designed for and by the LGBT+ community. The startup supports the LGBT+ community with their financial needs, providing features suited for their budgeting and saving goals. For example, Daylight’s card, app and digital services prepare members for the future faster by helping them to navigate the finance system, generate smarter habits and connect with a community working together to build the life they deserve without compromise.

The Challenge

While creating a challenger bank, a team can face a number of regulatory hurdles including gaining appropriate licenses, securing funding, scaling the team, contracting freelancers or one-off team members, and day-to-day legal support. In particular, when innovating in a slow-moving industry such as finance in the US, these processes can be burdensome for a founding team.

Three ways we helped:

Gaining appropriate licenses

Operating across the US, Daylight is required to secure business licenses in applicable states. Our team helped secure and manages the status of these licenses.

Securing funding

Daylight recently were successful in securing a $15 million in a Series A. Sparring supported this round in addition to the previous Seed investment from the in-house role. Overseeing & managing the whole financing round, in collaboration with Gunderson Dettmer as an external counsel and Orrick representing lead investor, was led by Marek Krizka, Sparring’s Co-Founder and lead NY-qualified Attorney.

Day-to.day operations

By working with Daylight as their in-house counsel, Sparring supports the team with their ongoing legal agenda from team contracts to litigation matters.

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