Majority raises $19m for migrant mobile banking platform

Majority raises $19m for migrant mobile banking platform

Majority is expanding its mobile banking service for migrants to all 50 US states after securing $19 million in seed funding.

The round was led by New York-based venture capital firm Valar Ventures with participation from Avid Ventures, Heartcore Capital and a group of Nordic fintech unicorn founders.

Majority was founded in 2019 as a mobile banking service for migrants and initially started operations in Texas and Florida, focused on the Nigerian and Cuban communities. Now, the service is available for residents in all US states with additional products for Mexicans, Cameroonians, Colombians, Ethiopians, Ghanaians and Kenyans.

For $5 per month, members in the US get access to a FDIC-insured account with early direct deposit and no overdraft fees, a Visa debit card with cashback and community discounts, no-fee remittances, at-cost international calling and the ability to send mobile credits.

The firm's offerings are not one-size-fits-all, instead tailored for specific communities depending on location, with advisors from members’ home countries available for in-person advice and consultations. Members also receive community support through local meet-up spaces, migrant resources and events.

The new funding will be used to support growth and make hundreds of hires in Texas, Georgia and Florida.

Magnus Larsson, CEO, Majority, says: "Since we are a company of immigrants for immigrants, we also look forward to hiring diverse talent that exists within the different immigrant communities we serve. This is more important now than ever given that many have been hit hard by the pandemic."

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