Majority, the mobile banking outfit for migrants in the United States, has raised $9.75 million to expand its presence along the US-Mexico border, opening a physical meetup space in Texas.
The new money, from Valar Ventures and Heartcore Capital, tops up a September Series B, taking Majority's total funding to $86 million.
After opening four community spaces in migrant-dense cities throughout Florida and Texas, the firm is making a move into Laredo, the principal port of entry from Mexico and the largest inland port in the US.
It is estimated that over one thousand migrants arrive in Laredo each day and, upon arrival, says Majority, they must start from scratch socially, financially and professionally. The community meetup space will enable immigrants to connect, share experiences and access social and financial resources along with financial advisors.
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.
Majority’s monthly membership includes a bank account and debit card, community discounts, free international money transfer and discounted international calling.
Last year, the firm announced that users can register without a social security number or US documentation, needing only an international government-issued ID and some proof of US residence.
Magnus Larsson, CEO, Majority, says: “As an immigrant myself, I experienced how hard it can be to seek out the services and support you need without being preyed upon or taken advantage of. In Laredo, we will help migrants begin their life in the U.S. through community and financial literacy.”