Pride Bank: Brazil's neobank for the LGBTQ+ community
Pride Bank is the world’s first digital bank aimed specifically at LGBTQIA+ customers. The beta version, which was launched in November 2019, was designed to fill a gap other banks were failing at, and cater to an important segment of the economy. The bank serves people and companies with key products such as transfers, payslips, digital accounts, and the recharge and purchase of credits for different services, including prepaid mobile. International and prepaid cards are also available.
Why is Pride Bank important?
As a Fintech, Pride Bank is one of the most important of its kind because in 2019 it broke new ground and created a vogue benchmark. It built a point of reference for what other banks of its kind, that catered to a specific community, could be.
In Brazil, there are approximate, according to the local census, more than 20 million people that identify themselves as gays, lesbians, transgenders, bisexuals, intersex individuals, queers, and other genders or sexual orientations besides heteronormative or cisgender. That’s about 8.35% of the population of Brazil. In Rio de Janeiro alone, one of the nation's most densely populated regions, the LGBT+ community constituted over 14.30% of its citizens.
In the region of Latin and South America, Brazil has been a staunch supporter of the rights of lesbians, gays, bisexuals, and transgender — when compared to its more prudish neighbours. It is among the more advanced nations in Latin America and the world when it comes to how it approaches its LGBT+ members. Nevertheless, due to personal biases, and other cultural barriers, this segment of the population has often found itself without a formal financial institution that’s willing to accept them.
The creation of Pride Bank by its founders aims to solve the friction, pain, and wealth gap that such individuals face on a daily basis.
The bank's main goal and ultimate mission is to help the lives of folks in this often times neglected community. Giving them the right tools that financial institutions not familiar with diversity might be withholding from them.
Another great thing about Pride Bank, one that shows its commitment towards the LGBT+ community, is that it gives back — it reserves 5% of its gross revenue for its own NGO - non-governmental organization - the Pride Institute. This institute, in conjunction with social technology company WeLight, invests in multiple organizations linked to the LGBT+ population in Brazil.
Diversity and Brazil
The resurgence of fintechs like Pride Bank demonstrates the need to change optics and financial dogmas around the world. To shift paradigms and include more banking options that put a value on diversity. It is an extremely lucrative and fertile environment, one yearning for innovation and entrepreneurs willing to harness its potential. The market accounts for one in every ten Brazilians, people that put a significant worth on companies that are aware of their challenges and those of their people. The LGBT+ community as a whole, particularly in Latin American, studies have shown, is more aware of the importance of ensuring inclusive viewpoints and promoting a healthy diversified environment.
The first initiative of this kind, in the region to try to embrace this trend, occurred in the mid-1970s when large and multinational conglomerates started to market certain products to this ecosystem. Their gamble paid off immensely.
In Brazil, there are approximate, according to the local census, more than 20 million people that identify themselves as gays, lesbians, transgenders, bisexuals, intersex individuals, queers, and other genders or sexual orientations besides heteronormative or cisgender. That’s about 8.35% of the population of Brazil.
In Rio de Janeiro alone, one of the nation's most densely populated regions, the LGBTQI+ community constitutes over 14.30% of citizens.
Pride Bank Features
Pride Bank has multiple features that make it more than just a straightforward, paint by the numbers, digital bank. Priders, are the entity called its users once they are approved and access granted to them are rewarded with the following services:
- A Digital Account.
- Online Transfers.
- Payment of Taxes and Services.
- Prepaid International Credit Card.
- Pride Bank customers receive a rainbow-design debit card marked with their chosen name — not the one on their birth certificate, but the one they identify with. This is a huge advantage as most banks in the region don’t allow it even if you managed to change it on official documents.
The digital bank, which right now exists online only, was created to fight discrimination and help out a populace that has trouble getting jobs and constantly faces all manner of stigmas in the workplace.
The Pride Bank has pledged to give over 5% of its income to various charities, shelters, and organizations through its NGO, the Pride Institute. Each time a Prider makes any transaction, a part of the fee is funneled directly to the Pride Bank. Together with WeLight, the institute distributes those funds to key sectors and charities previously selected and approved by an LGBT+ board of directives.