We’re covering the launch of Brazil’s first financial institution tailored to LGBTQ customers. An exclusive report concerning President Jair Bolsonaro’s talks of a coup d’état.
Pride Bank comes out today
As Brazil’s first LGBTQ-oriented bank, Pride Bank will open to the public today after almost one year of “beta operations,” during which only invited customers had access to their services. The bank tries to set itself apart by promising to invest 5 percent of its gross income to finance LGBTQ-inclusion projects. It will also allow transgender customers to use their social names, as opposed to the names on their birth certificates.
- Pride Bank will also have a prepaid debit card — which allows people with credit restrictions to use its services as well.
Why it matters. Pink money — a term used to describe the LGBTQ community’s purchasing power — was estimated at USD 134 billion per year (BRL 722 billion).
- Same-sex couples are overwhelmingly DINKs (“dual income, no kids”), often leaving them with more disposable income.
Projections. While Pride Bank officially avoids disclosing projections, CEO Marcio Orlandi Junior said in an interview that they are confident: “The potential is huge, we could reach at least 5 percent of that...