Majority, a mobile banking services company that focuses on offering financial services to U.S. migrants, has successfully closed its fourth funding round within a span of two years. The company has now ventured into Laredo, Texas, with a community meetup space strategically located near The Gateway to the Americas International Bridge, which spans the Rio Grande. Majority’s founder and CEO, Magnus Larsson, aims to address the challenges faced by immigrants when seeking banking services and support. The recent funding injection of $9.75 million will support the company’s expansion and its commitment to serving communities along the United States-Mexico border.
A Mobile Banking Solution for U.S. Migrants
Founded in 2019, Majority provides mobile banking services to migrants with accessible financial solutions through a membership model. For a monthly fee of $5.99, members receive a bank account, a debit card, community discounts, free international money transfers, and discounted international calling. The company prioritizes inclusivity by eliminating the need for a Social Security number or U.S. documentation to open an account. Instead, an international government-issued ID and proof of U.S. residence are sufficient. Majority’s commitment to supporting immigrants extends to its “Advisor Program,” a network of over 250 trained support staff who are immigrants themselves.
Expansion and Funding
Majority’s mobile banking services initially focused on Texas and Florida, but its recent expansion into Laredo marks a significant milestone. The company recognized the potential to become the first mobile banking services provider accessible to migrants upon entering the United States. Magnus Larsson, as an immigrant himself, understands the hardships involved in finding necessary services and support. To bridge this gap, Majority aims to build trust within immigrant communities by offering inclusive and affordable financial services.
The latest funding round generated $9.75 million, supplementing the $37.5 million Series B funding announced in September of the previous year. Notable participants in this round included existing investors Valar Ventures and Heartcore Capital. With these funds, Majority has raised a total of over $86 million in equity, including the seed round of $19 million and the Series A round of $27 million. This substantial capital injection will fuel the company’s expansion plans and bolster its presence along the United States-Mexico border.
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Empowering Communities through Mobile Banking Services
Alongside the new physical presence in Laredo, Majority plans to release a specialized version of its “Migrant Handbook” later this year called the “Financial Handbook for Mexicans.” This handbook will provide essential information and guidance for Mexicans starting a new life in the United States. By equipping migrants with knowledge about financial management, banking services, and relevant resources, Majority aims to empower individuals and promote their integration into their new communities.
Future Growth and Vision for Mobile Banking Services
Magnus Larsson emphasizes that Majority’s growth strategy centers on a step-by-step approach, gradually expanding into one community at a time. By building trust and delivering valuable financial services, Majority intends to create a positive impact and strengthen its foothold within immigrant populations. The recent funding round serves as a catalyst for the company’s momentum, enabling further growth and the ability to provide enhanced offerings.
Conclusion
Majority, the mobile banking services provider, focused on serving U.S. migrants, is making remarkable strides in expanding its services and reach. With a new community meetup space in Laredo, Texas, Majority is well-positioned near a major international bridge, connecting migrants and facilitating their access to financial services. The company’s commitment to inclusivity, affordable banking, and the empowerment of immigrant communities has garnered significant support and funding. As Majority continues its journey, its step-by-step approach, reinforced by the recent funding, will contribute to the company’s mission of providing accessible financial solutions and support to migrants across the United States.
