Majority, the mobile banking outfit for migrants in the US, has raised $30 million in Series B funding led by Valar Ventures.
The startup has also secured $7.5 million in debt financing from a US-based commercial bank as it seeks to expand its service to support the nearly 50 million immigrants in the country.
Majority was founded in 2019 as a mobile banking service for migrants and initially started operations in Texas and Florida, focused on the Nigerian and Cuban communities. Now, the service is available for residents in all US states with additional products for Mexicans, Cameroonians, Colombians, Ethiopians, Ghanaians and Kenyans.
Majority’s $5.99 a month membership includes a bank account and debit card, community discounts, free international money transfer and discounted international calling.
Earlier this year, the firm announced that users can register without a social security number or US documentation, needing only an international government-issued ID and some proof of US residence.
The company has also opened three new locations in Fflorida and one in Texas to provide hands-on services to migrants, helping it increase revenue by five times in the past year.
Magnus Larsson, CEO, Majority, says: “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.”