Miami, FL: Majority, a Miami-based company specializing in mobile banking services for migrants in the United States, has successfully raised USD9.75 million in its recent funding round. The funding round was led by prominent venture capital firms Valar Ventures and Heartcore Capital.
With this latest investment, Majority has now raised over $86 million in equity, a testament to the company’s growth and success in addressing the unique financial needs of migrants. The funds will be utilized to fuel further expansion along the United States-Mexico border, bolstering the company’s commitment to supporting migrant communities.
Under the leadership of Founder and CEO Magnus Larsson, Majority offers a comprehensive mobile banking service tailored specifically for migrants. For a monthly fee of $5.99, members gain access to an FDIC-insured account, a Visa debit card, a vast network of over 55,000 ATMs across North America, remittance and international calling services, in-person native language advisors, and a range of community benefits including access to meet-up spaces, local discounts, and events.
Majority’s Visa debit cards are issued by Axiom Bank, a Member FDIC, pursuant to a license from Visa U.S.A. Inc. This strategic partnership enables Majority to provide secure and convenient payment solutions to its members, further enhancing their financial freedom and inclusion.
In its commitment to serving migrant communities, Majority has already established four community spaces in migrant-dense cities across Florida and Texas. Furthermore, the company is proud to announce its forthcoming community location in Laredo, Texas, which will provide essential support for Hispanic immigrants. Laredo, as the principal port of entry from Mexico and the largest inland port in the U.S., represents a significant milestone in Majority’s expansion efforts.
Magnus Larsson, Founder and CEO of Majority, expressed his gratitude to Valar Ventures and Heartcore Capital for their support in this funding round. Larsson stated, “This investment will propel Majority’s mission to empower and uplift migrant communities across the United States. We are committed to providing accessible and inclusive financial services to those who need it the most, and we are excited to continue our growth along the United States-Mexico border with the opening of our community space in Laredo.”
With the recent funding injection and ongoing dedication to serving migrants, Majority is well-positioned to make a lasting impact on the financial well-being of immigrant populations and contribute to their integration and success within the United States.
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