Majority provides a digital platform offering mobile banking and international services dedicated to serving migrants. For $5.99 per month, members receive an FDIC-insured account, a Visa debit card, access to more than 55,000 ATMs across North America, remittance and international calling. The service also includes in-person native-language advisors, a network of community meet-up spaces, local discounts, and events. The company is led by CEO Magnus Larsson. Majority plans to use the new funding to further expand the product and develop its global immigrant-focused offering. The company also announced the hiring of Abhi Pabba as Chief Risk Officer. Majority provides a subscription mobile banking service tailored to migrants, led by founder and CEO Magnus Larsson. For $5.99 per month members receive an FDIC-insured account, a Visa debit card, access to more than 55,000 ATMs across North America, remittance and international calling, and in-person native-language advisors. The Visa debit card is issued by Axiom Bank pursuant to a license from Visa U.S.A. Inc. Members also get access to a network of community meet-up spaces, local discounts, and events. The company raised $9.75M in this round and has now raised over $86M in equity to date. Majority plans to use the new funds to expand along the United States–Mexico border, including opening a new community location in Laredo after launching four spaces in Florida and Texas. Majority operates a membership-based mobile bank for migrants, offering bank accounts, a debit card, community discounts, free international money transfers, and discounted international calling. The company charges a $5.99 monthly membership fee. Users can register without a U.S. social security number by using an international government-issued ID and proof of U.S. residence. Majority has opened physical locations in Miami, Hialeah, Orlando and Houston to be closer to the communities it serves and build trust. Over the past year the company says revenue has increased 5x and monthly transaction value has increased 4x. Leadership plans to focus on product development and building a stronger team as it scales. MAJORITY offers a $5/month app that provides an FDIC-insured bank account with no overdraft fees, a debit card with community discounts, no-fee remittances, and at-cost international calling. The company delivers culturally specific features and uses hundreds of local advisers to onboard and support migrant communities in their native languages; advisers are on the ground in Texas and Florida while core banking services are available in all 50 U.S. states. Founded in 2019, MAJORITY has about 45 tech and product employees based in Stockholm and 20+ internal employees in the U.S., and it runs risk and back-office functions out of Houston. Since its seed round the team has been building out its advisor program, improving its KYC process, and expanding its remittance offering to onboard larger Hispanic communities, and it plans to bring its full product suite to another five or six communities in the coming months. The company reports its service saves Cuban members an average of $21 per month and Nigerian members about $10 per month beyond the $5 membership fee, and says its subscriber base has grown tenfold in the past year (it declined to share absolute user numbers). MAJORITY recently launched a feature allowing users to open accounts without a Social Security number using foreign government ID plus proof of a U.S. address to reduce identity verification barriers. The two-year-old startup operates an eponymous mobile banking service that charges $5 a month and targets migrants. Its offering includes an FDIC-insured bank account with early direct deposit, no overdraft fees, a debit card, mobile credit and at-cost international phone calls. MAJORITY also runs an in-app community to help newcomers find familiar people and practical local information, and hires customer representatives from the communities it serves. The service is available in all 50 U.S. states and complies with local regulations; Sutton Bank is its banking partner. The company is headquartered in Houston and Stockholm and has a team of about 80 people. It plans to use the new funding to expand product offerings and broaden its team.

Total raised

$113M

Funding rounds

7

Latest round

Equity

Latest activity

May 2024