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 help the almost 50 million immigrants within the nation.
Majority was based in 2019 as a cell banking service for migrants and initially began operations in Texas and Florida, centered on the Nigerian and Cuban communities. Now, the service is offered 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 world government-issued ID and a few proof of US residence.
The corporate has additionally opened three new areas in Fflorida and one in Texas to supply hands-on companies to migrants, serving to it improve income by 5 instances previously yr.
Magnus Larsson, CEO, Majority, says: “Our mission, as an organization of immigrants for immigrants, has at all times been to supply migrant communities with the sources they want. This funding will assist us refine our companies and higher help these underserved communities.”
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