MAJORITY boosts banking for migrants with Series A close

MAJORITY, a mobile banking app aimed at migrants to the US, has reportedly raised $27m in its Series A funding round.

The capital injection was led by Valar Ventures, with commitments also coming from Avid Ventures, Hearcore Capital and a group of Nordic FinTech founders, according to a report from TechCrunch.

Alongside the funding round, the FinTech company revealed a new feature that will allow users to sign up for a bank account with their government ID from any country and a US address, instead of needing to use a Social Security number.

MAJORITY is an all-in-one banking app, which includes a visa debit card, money transfer, mobile top-ups, international calling and personalised advisors.

Through the platform, users can get paid up to two days early without extra fees, and the banking account is FDIC-insured, with no minimum deposit or balance needed. Another benefit of MAJORITY is its local community discounts, which rewards users with discounts at local restaurants, grocery stores and more.

The platform is available in all 50 states, but its advisors are currently only on the ground in Texas and Florida, it said.

This investment comes just six months after MAJORITY collected $19m in its seed funding round. Since then, the company has bolstered its advisor programme and its know your customer processes, TechCrunch said.

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