A new digital bank is directly targeting the LGBT people of Brazil in a bit do tap into an underserved market whilst fighting prejudice.
Speaking with Reuters, Marcio Orlandi Jr., CEO of Pride Bank, said that the online bank was launched in response to other banks failing to service trans, bi and gay individuals.
While Pride Bank is currently in beta, Orlandi said that the bank is already planning to add health insurance and travel agency services to its offering.
The Brazilian venture is banking on the notion that it can offer an alternative in a country still rife with homophobia and discrimination against LGBT people.
Pride Bank will give 5% of its income to the Instituto Pride to support charities that help LGBT people.
Latin America is currently receiving a lot of interest from investors. In 2014, the region saw $89.8m injected into its FinTech industry. That number had grown to $671m in 2018 only to skyrocket to $2.15bn in the first six months of 2019, according to FinTech Global’s data.
Payments unicorn Stripe and UK challenger bank Revolut are two huge international FinTech ventures that have recognized the opportunity in the region and made moves to tap into Latin America’s underbanked sector in the past six months.
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