The startup has additionally secured $7.5 million in debt financing from a US-based industrial financial institution because it seeks to broaden its service to assist the almost 50 million immigrants within the nation.
Majority was based in 2019 as a cellular banking service for migrants and initially began operations in Texas and Florida, centered on the Nigerian and Cuban communities. Now, the service is accessible for residents in all US states with further merchandise for Mexicans, Cameroonians, Colombians, Ethiopians, Ghanaians and Kenyans.
Majority’s $5.99 a month membership features a checking account and debit card, group reductions, free worldwide cash switch and discounted worldwide calling.
Earlier this yr, the agency introduced that customers can register with no social safety quantity or US documentation, needing solely a global government-issued ID and a few proof of US residence.
The corporate has additionally opened three new places in Fflorida and one in Texas to supply hands-on companies to migrants, serving to it enhance income by 5 occasions previously yr.
Magnus Larsson, CEO, Majority, says: “Our mission, as an organization of immigrants for immigrants, has all the time been to supply migrant communities with the assets they want. This funding will assist us refine our companies and higher assist these underserved communities.”
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