Majority raises $27m for migrant mobile banking service

Majority raises $27m for migrant mobile banking service

Majority is set to boost access to its mobile banking service for migrants in the US after closing a $27 million Series A funding round.

The inside Series A comes less than six months after a $19 million seed round and was joined by Valar Ventures, Avid Ventures, Heartcore Capital and a group of prominent 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 expand the firm's library of migrant resources, open a new US headquarters in Miami and hire hundreds of more employees.

The company is also set to make it easier for migrants to sign up, ditching requirements to have a social security number. People will be able to start a membership completely virtually, using only an international government-issued ID from any country along with some proof of a US address.

Magnus Larsson, CEO, Majority, says: "A bank account is the starting point to so many other things for someone moving to a new country, and American bureaucratic delays and backup shouldn't prevent people from being able to establish themselves here."

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