Majority, a platform catering to migrants in the US with mobile banking services and international offerings, has raised $20m.
This comes after a year of remarkable growth for the company, defying challenges within the FinTech sector.
The funding round was led by a group of distinguished FinTech founders, including Victor Jacobsson, co-founder of Klarna, and Swedish serial entrepreneur Hjalmar Winbladh. Also participating were Magnus Nilsson and Jacob de Geer, co-Founders of Izettle, alongside venture capital firms Valar Ventures, Heartcore Capital, and Avid Ventures. The round comprises $12.5 million in equity and $7.5 million in debt financing from a prominent bank.
Majority aims to empower migrants in the US by providing them with essential financial services tailored to their needs. These services include mobile banking, international money transfers, and more. The company’s latest funding round is pivotal for its continued expansion and product development.
The influx of funds will primarily support Majority’s efforts to enhance its global immigrant-focused offerings, ensuring that it remains a leading financial resource for migrants worldwide. Additionally, the company has appointed Abhi Pabba as Chief Risk Officer to bolster its product expansion endeavors.
Magnus Larsson, CEO and Founder of Majority, expressed the company’s commitment to addressing the financial challenges faced by migrants. Larsson stated, “We are living in a new era where immigration is both a global challenge and opportunity. The faster we can help people get access to financial products and resources, the better for everyone.”
Despite the prevailing challenges in the startup industry, Majority has consistently surpassed expectations, raising over $90 million in equity funding to date. The recent funding round marks a significant milestone in the company’s journey towards profitability and reinforces its position as a key player in the FinTech landscape.
Hjalmar Winbladh, an investor in Majority, praised the company’s remarkable performance, highlighting its unwavering focus and precision in execution. Winbladh remarked, “Since the beginning at MAJORITY, the team, led by Larsson, has done nothing but beat the plans month by month, quarter by quarter, year by year.”
Majority has emerged as a vital resource for immigrants in the US, offering essential banking services, low-cost money transfers, and community support. With steady growth and a clear vision for the future, the company is poised to continue making a significant impact in the FinTech industry.
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