TLDR:
Key Points:
- Majority, a Miami-based provider of mobile banking and international services for migrants, raised $20M in funding.
- The funding round included a mix of equity and debt financing from a bank, as well as participation from prominent fintech founders and venture capital firms.
In a recent funding round, Majority, based in Miami, FL, secured $20 million in funding to further develop its platform offering mobile banking and international services to migrants in the US. The round consisted of $12.5 million in equity financing and $7.5 million in debt financing from a bank. The funding was led by a group of fintech founders, including Victor Jacobsson and Hjalmar Winbladh, as well as venture capital firms such as Valar Ventures, Heartcore Capital, and Avid Ventures. The company plans to use the funds to enhance its immigrant-focused offerings and expand its user base.
Majority, led by CEO Magnus Larsson, provides a digital platform that includes mobile banking services, international services, and more, catering specifically to migrants. For a monthly fee of $5.99, members in the US receive various benefits such as an FDIC-insured account, a Visa debit card, access to ATMs, remittance and international calling services, in-person advisors in native languages, community meet-up spaces, local discounts, and events. Additionally, the company announced the appointment of Abhi Pabba as Chief Risk Officer.
This funding indicates a strong vote of confidence in Majority’s business model and its potential for growth in the digital banking and international services sector. With the backing of prominent investors and fintech founders, the company is well-positioned to continue expanding its offerings and customer base in the US market.
