Majority, a mobile bank for migrants, has scored $37.5m in a Series B funding round headed by Valar Ventures.
Valar and Heartcore Capital provided $30m in equity funding while $7.5m in debt financing was invested by an undisclosed US commercial bank.
Majority is the first digital financial service dedicated to serving migrants globally. For $5 a month, Majority members in the US receive a FDIC-insured account, VISA debit card, remittance and international calling, use of more than 50,000 ATMs across North America, native language advisors and access to a network community of up meet-up spaces, events and local discounts.
Users of the platform are able to sign up without a social security number or US documentation – only needing to register with an international government-issued ID or proof of US residence.
The company has seen monthly transaction volume among its migrant user-base increase four-fold this year and its revenue has climbed 5X in the past year.
Majority raised $27m in Series A funding back in December 2021 – bringing the total raised by the company including the recent raise to $83.5m.
Since the earlier raise, Majority has opened three new locations in Florida and one in Houston, Texas.
With the new funding, Majority aims to expand its suite of essential services as it continues its growth trajectory to support the nearly 50 million immigrants in the US.
Majority CEO and founder Magnus Larsson said, “Given the country’s current financial standing, we are thrilled to provide tailored resources that meet the unique needs of migrants and ease the burden of transitioning to a new country.
“Our mission, as a company of immigrants for immigrants, has always been to provide migrant communities with the resources they need. This funding will help us refine our services and better support these underserved communities.”
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