SUPERBIA: The first ever profit-for-purpose financial institution existing solely to serve and advocate for the LGBTQ community
NEW YORK, NY (March 26, 2018) — Superbia USA LLC is proud to announce the intent to form Superbia Financial, a credit union for the LGBTQ community that will benefit members through tailored products and services, more favorable rates, and grants made regularly to organizations that help support and advance LGBTQ causes. Superbia will be comprised solely of and supported by members of the community, including friends and advocates. With Superbia, Founder Myles Meyers plans to eradicate the risk of discrimination that LGBTQ still encounter and provide better economy equality for the LGBTQ community as a whole. To accomplish this, Superbia has already established relationships with LGBTQ organizations including Hornet Networks and Stonewall Community Foundation, as well as payments and financial companies including Mastercard, CU*Answers, and more, that will help power the financial offerings. Superbia will launch an IndieGogo campaign on March 26, 2018, to demonstrate the existence and need of the community, and is seeking activists, allies, and champions, to join in its mission. To learn more and support Superbia’s efforts, please visit www.indiegogo.com/projects/introducing-superbia.
Meyers, a financial services industry veteran, was inspired to build the commercial / social enterprise upon observing the sheer lack of authenticity and commitment by some financial services organizations when serving the LGBTQ community. Having experienced discrimination firsthand, Myles is keenly aware that for LGBTQ, discrimination can be subtle and systemic, or bold and overt. In the same way a bakery can refuse a cake, one bank’s discrimination could lead to higher interest rates on homes, rejection of student loans, judgement on credit for health needs, outdated products and services for LGBTQ individuals and families, and lack of acceptance and understanding among traditional institutions. Twenty-nine states currently have no anti-discrimination laws in place, meaning sexual orientation or gender identity may be considered in accessing credit.
“Our families, lives and financial journeys are not necessarily the same as those of other communities,” shares Meyers. “The products we need and how we are communicated to should reflect our community, using our values, as we determine.”
Enter Superbia, a credit union for and by the LGBTQ community. Similar to banks, credit unions accept deposits (for savings and checking accounts), provide credit cards and lines of credit, make loans and offer other financial services, all while being regulated by laws and regulatory agencies that ensure members’ funds are safe and secure. Different from banks, credit unions exist to serve their members, and they are owned by those members, as opposed to a limited number of individuals who profit personally from shareholding at banks. All profits from a credit union go back into serving their members. This is Superbia’s commitment to the LGBTQ community.
“There are an estimated 8.5–10 million LGBTQ living in the United States,” Meyers says. “In 2015, the combined buying power of the community was estimated at $917 billion, yet poverty exists in the diverse LGBTQ community, at levels well above the national norms, with widespread discrimination persisting as more than one in four LGBTQ people have reported being treated unfairly simply because they are LGBTQ. It is time for a new way to combat discrimination and harness the economic and social power of our community to help the individuals and families within it.”
Superbia will serve its members in three important ways:
- Providing fair, non-discriminatory and unique products, services, and treatment that honors the unique needs of the LGBTQ community
- Putting profits back into Superbia to offer better saving and lending rates, and other improved services to its members
- Awarding up to 30% of remaining profit to directly fund LGBTQ organizations, causes and community needs
To accomplish its mission and ensure the best offerings for members, Superbia has established relationships with key financial organizations. Banking technology will be powered by CU*Answers, and credit and debit cards by Mastercard, via PSCU.
“Inclusion is a part of who we are as an organization. Embracing all the things that make us diverse – gender, ethnicity, sexual orientation and more – helps create opportunities for everyone to reach their full potential,” said Randall Tucker, Chief Inclusion Officer, Mastercard. “We have been steadfast supporters of the LGBTQ community and believe businesses play a key role in bringing about acceptance and change. That’s why we are proud to support Superbia’s efforts to knock down barriers to participating in the economy, because everyone deserves the opportunity to save for a rainy day, access credit, or invest in their futures.”
A next step in the creation of Superbia as a credit union is to demonstrate the existence and need of the LGBTQ community. To accomplish this, Superbia will host a funding campaign via Indiegogo beginning March 26, 2018. As a funding campaign, monies raised will be considered contributions toward the establishment of the credit union. The minimum contribution for the campaign is $50, though supporters can contribute as much as they wish. The campaign can be found at www.indiegogo.com/projects/introducing-superbia.
“Contributions to Superbia represent much more than funds to get this Credit Union started,” shares Meyers. “This is a ‘hands up’ to industry and regulators to show the existence and need of a large and activated community. It is a critical step in converting our vision of a powerful and self-sustaining commercial/social enterprise, owned and driven by our own buying power, into a reality.”
Superbia has developed a relationship with Stonewall Community Foundation, through which it will award funding to LGBTQ organizations, causes and community needs, once the credit union is operational. Superbia members will vote for the organization(s) to which that year’s profits will be donated, and Stonewall Community Foundation will execute the donation to maximize impact.
“Though our community has made tremendous strides over the years thanks to passionate activists and advocates, I believe that the LGBTQ community can, and should, organize ourselves in a way like never before, to use our economic power, and our keen abilities in social good works, to ensure our broader, diverse community has access to the resources and services they require, free from discrimination,” added Meyers.
To contribute to Superbia’s funding campaign and support its mission, please visit www.indiegogo.com/projects/introducing-superbia.
To learn more about Superbia, please visit www.superbiafinancial.com. Keep up with Superbia via Facebook: @SuperbiaFinancial, Instagram: @superbiafinancial, and Twitter: @pride_superbia.
About Superbia Financial
Superbia will be the 1st profit-for-purpose financial institution that solely exists to serve and advocate for the LGBTQ community.
Offering quality, competitive products and services of regular banks, Superbia is different because it is owned and guided by its LGBTQ members.
Superbia serves its members in 3 ways:
- Providing fair, non-discriminatory and unique products, services and treatment that honors the unique needs and lives of the LGBTQ community.
- Giving credit union profits back into the LGBTQ business for even higher savings interest rates or lower interest loans for its members.
- Giving the remaining profit for direct funding of LGBTQ causes and community needs.