Majority, the mobile banking platform for migrants in the United States, has acquired $30 million via a Series B round that was led by Valar Ventures.
The company has also raised $7.5 million in debt financing from a US-headquartered commercial bank as it aims to further expand its service to support the 50 million immigrants in the US.
Majority was established back in 2019 as a mobile banking service for migrants and began business operations in Texas and Florida, primarily focused on serving minorities.
At present, the service is available for residents in all US states with various other products for Mexicans and other minorities.
Majority’s $5.99 a month membership reportedly includes a banking account and debit card, community discounts, free international fund transfers and discounted international calling.
Earlier in 2022, the company revealed that clients may register without a social security number or US documentation. The only need to have an international government-issued ID and proof of US residence.
The firm has now opened three new business locations in Florida and one in Texas to offer hands-on services to migrants, helping it boost revenue by 5 times during the last financial year.
Magnus Larsson, CEO, Majority, stated:
“Our mission, as a company of immigrants for immigrants, has always been to provide migrant communities with the resources they need. This funding will help us refine our services and better support these underserved communities.”
As noted by the firm’s management, MAJORITY is “the first digital financial service dedicated to serving migrants worldwide.”
For $5 a month, MAJORITY members in the U.S. “receive an FDIC-insured account, VISA® debit card, use of more than 50,000 ATMs across North America, remittance and international calling, native language advisors, and access to our network of community meet-up spaces, local discounts and events.”
With MAJORITY, there are “never overdraft fees or minimum balance requirements.”
MAJORITY was started in Sweden “by a diverse team of banking, fintech, payments, and telecom executives serving immigrant communities globally for the last 15 years.”
MAJORITY’s U.S. headquarters “are in Houston, Texas.”