Majority, the mobile banking service designed for migrants in the US, has successfully raised $30 million in Series B funding, led by Valar Ventures.
Additionally, the startup has secured $7.5 million in debt financing from a US-based commercial bank as part of its efforts to expand services to nearly 50 million immigrants in the country.
Founded in 2019, Majority initially launched its operations in Texas and Florida, focusing on the Nigerian and Cuban communities. It has since expanded its offerings to residents in all US states, introducing services for Mexicans, Cameroonians, Colombians, Ethiopians, Ghanaians, and Kenyans.
The company offers a $5.99 monthly membership, which includes a bank account and debit card, community discounts, free international money transfers, and discounted international calling. Earlier this year, Majority announced that users could register without a social security number or extensive US documentation, requiring only an internationally issued government ID and proof of US residence.
Furthermore, the company has opened three new locations in Florida and one in Texas to provide direct services to migrants, resulting in a revenue increase of five times over the past year.
CEO Magnus Larsson 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.”