Pride bank: the first LGBTI+ digital bank is in Brazil

The first headquarters of this bank will be in Brazil and will allocate 5% of its income in actions that favor this community

People holding rainbow flag.

People holding rainbow flag. / Photo: Unsplash - Reference image

LatinAmerican Post | Marcela Peñaloza

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Leer en español: Pride bank: el primer banco digital LGBTI+ está en Brasil

Pride Bank is the first LGBTI + digital bank that will operate in the world and has Brazil as its first headquarters. The idea of creating a digital bank with this social court was born from two friends: Maria Fuentes and Alexandre Simões. “We have created a digital bank that understands the challenges and needs and supports the community in all its areas: from financial services to support for causes and events,” explains the entity on its website.

The bank, which has been in operation since November 13, is a novel bet in technological terms that wants to contribute to the strengthening of the LGBTI + community. In fact, the bank's purpose is to impact the lives of people in this community and support their social causes through the Pride Institute. At this time, the bank is in its beta version and accounts can only be opened through invitations.

Why a digital bank and LGBTI +?

In an interview with EFE, Marcio Orlandi, executive of Pride Bank, said that "we are not here exclusively to earn money, but to return it to LGBTI + people through social actions." Our goal is that we all be treated in the same way, as we deserve "and have the opportunity to" be who we really want to be, "the official added.

In its Linked In profile, this financial entity explains that “we want to offer a digital bank that does not discriminate, does not differentiate people by their sexual orientation, gender identity or any difference and, in addition, celebrate these differences, respecting all LGBTI + people and their allies. In addition, we intend to return part of our income to society by investing in social institutions of the community and also performing shows, events and cultural actions always aimed at the LGBTI public.”

Read also: Government integrity is key to tackling corporate corruption

What services do you offer?

Priders, as users of this entity were baptized, may have access, among others, to the following services:

  • Digital account
  • Transfers
  • Payment of taxes and services
  • Prepaid International Credit Card

How does the donation work?

According to the page, “each time the holder of a Pride Bank account makes a transaction, a part of the fee amount is transferred to the Pride Institute, which together with WeLight addresses a number of LGBTI + audiences previously selected and approved that are relevant to the public. Then, WeLight reports on how ALL the money was used with 100% transparency. ”

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