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- Majority has secured $9.75 million during its fourth funding round within a span of two years.
- It is a digital bank designed for US migrants.
Majority, a digital bank designed for US migrants, secured $9.75 million during its fourth funding round within a span of two years. At the same time, it has opened a meetup space in Laredo, Texas.
Majority’s funding & expansion
Majority bank’s latest funding round is an extension of the 437.5 million Series B round announced in September 2022. Among the investors involved in the latest round are existing ones like Heartcore Capital and Valar Ventures. So far, the company has raised over $86 million in equity. This includes $19 million and $27 million in seed and Series A funding rounds.
The secured funds will aid the firm to expand into the aforementioned meetup space as well as boost growth along the US-Mexico border.
Majority’s CEO, Magnus Larsson indicated that its new location in Laredo will position the firm near the Gateway to the Americas International Bridge. Currently, the firm has a physical presence in Florida, Miami, Orlando, Houston, and Hialeah.
He stated, “We started off in Texas and Florida. Florida has been our main focus for a period of time now, however, our business is about trust, and there is an opportunity to be the first banking product that you can open when you enter the country.”
Majority digital bank was founded in 2019 with the mission of offering financial services to US migrants. With a monthly membership fee of $5.99, it avails an array of services including a bank account and debit card, free cross-border money transfers, international calls at a discount, and community discounts. Besides, it does not attract any overdraft fees nor are there minimum balance requirements.
For a migrant to open a bank account with Majority bank, they don’t have to own a Social Security number or another other form of US documentation. In fact, all that is needed is proof of residence and an international ID.
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