Source:https:\/\/techcrunch.com\/2023\/06\/14\/majority-digital-bank-migrants-9-75m-fintech\/<\/a><\/br>
\nMajority, a digital bank for US migrants, grabs $9.75M amid expansion in Texas<\/br>
\n2023-06-14 21:36:09<\/br><\/p>\n

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Majority<\/a>, a mobile banking company offering financial services to U.S. migrants, closed on its fourth funding round in two years as it opens a community meetup space in Laredo, Texas.<\/p>\n

The new location positions the company close to The Gateway to the Americas International Bridge that crosses the Rio Grande, Magnus Larsson, founder and CEO at Majority, told TechCrunch. Majority already has physical locations across Florida, in Miami, Hialeah and Orlando, and in Houston.<\/p>\n

\u201cWe started off in Texas and Florida,\u201d Larsson said. \u201cFlorida 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. As an immigrant myself, I experienced how hard it can be to seek out the services and support you need.\u201d<\/p>\n

For a $5.99 per month membership fee, the company, founded in 2019, offers migrants a bank account and debit card, community discounts, free international money transfer and discounted international calling.<\/p>\n

Accounts don\u2019t require a Social Security number or U.S. documentation, just an international government-issued ID and proof of U.S. residence, and don\u2019t have overdraft fees or minimum balance requirements. There is also access to Majority\u2019s \u201cAdvisor Program,\u201d a network of over 250 trained support staff nationwide, who are immigrants themselves.<\/p>\n

Larsson didn\u2019t provide specifics on the company\u2019s customer base or revenue beyond saying that Majority\u2019s transaction volume is growing 6x per year.<\/p>\n

The $9.75 million in new capital is an extension to Majority\u2019s $37.5 million Series B<\/a>, announced last September. Existing investors Valar Ventures and Heartcore Capital were involved in this round. Majority has now raised over $86 million in equity, including $19 million seed<\/a> and $27 million Series A<\/a> rounds.<\/p>\n

The new funding will support the expansion into Laredo and additional growth along the United States-Mexico border.<\/p>\n

Along with the new presence in Laredo, Majority will release a \u201cFinancial Handbook for Mexicans\u201d later this year that is a specialized version of its \u201cMigrant Handbook\u201d that provides information on starting a life in the U.S.<\/p>\n

\u201cThe main thing for us is to continue following the plan and structure that we started at the beginning, which is to take a step-by-step approach, starting with one community at a time, then adding another and another,\u201d Larsson said. \u201cThis funding is more of a step for us to continue the momentum and start doing more.\u201d<\/p>\n

If you have a juicy tip or lead about happenings in the venture world, you can reach Christine Hall at chall.techcrunch@gmail.com or Signal at 832-862-1051. Anonymity requests will be respected.\u00a0<\/em><\/p>\n

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Science, Tech, Technology<\/br>
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\nSource:https:\/\/techcrunch.com\/2023\/06\/14\/majority-digital-bank-migrants-9-75m-fintech\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/14\/majority-digital-bank-migrants-9-75m-fintech\/ Majority, a digital bank for US migrants, grabs $9.75M amid expansion in Texas 2023-06-14 21:36:09 Majority, a mobile banking company offering financial services to U.S. migrants, closed on its fourth funding round in two years as it opens a community meetup space in Laredo, Texas. The new location positions the company close to The […]<\/p>\n","protected":false},"author":1,"featured_media":35021,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-35020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\n