Majority, the American mobile banking service for migrants, has made strides in expanding its operations along the US-Mexico border.
The company has accomplished this by raising an impressive $9.75m to establish a physical meetup space in the border state of Texas.
This capital injection was led by Valar Ventures and Heartcore Capital. This funding bolsters the finances secured in the Series B round in September, elevating Majority’s total funding to a commendable $86m.
Majority, founded in 2019, primarily provides financial services to the immigrant community. The services are available on a mobile platform, simplifying banking operations for migrants. Initially, the firm started in Texas and Florida, focusing on the Nigerian and Cuban communities. The firm has since broadened its offering, extending its services to residents across all US states. It has developed additional financial products tailored for Mexicans, Cameroonians, Colombians, Ethiopians, Ghanaians, and Kenyans.
The funds from the latest round will be used to extend Majority’s presence along the US-Mexico border. The new meetup space in Laredo, a significant point of entry from Mexico, will facilitate connections among migrants. It will also provide access to social and financial resources and advice, supporting immigrants to start anew socially, financially, and professionally.
Moreover, Majority has developed a comprehensive monthly membership plan for its users. The package includes a bank account and debit card, community discounts, complimentary international money transfers, and reduced international calling rates. The firm has even taken steps to simplify the registration process.
As of last year, users can register without needing a social security number or US documentation, necessitating only an international government-issued ID and some proof of US residence.
Majority CEO Magnus Larsson said, “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.”
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