MAJORITY provides a mobile banking solution tailored for migrants, offering services like international money transfers, mobile top-ups, and personalized financial advice. The mobile app enables users to send money abroad without fees, save money, and make free international calls to over 20 countries. MAJORITY addresses the specific financial challenges faced by migrants, such as high transfer fees and limited access to traditional banking. Unlike competitors, MAJORITY focuses on a niche market, providing multilingual customer support and fostering a community among users. The company's goal is to simplify banking for migrants, helping them manage their finances and stay connected with their families.

Avid Ventures

Valar Ventures

Heartcore Capital

Jacob De Geer

Magnus Nilsson

Victor Jacobsson

Hjalmar Winbladh

Consumer Software

Fintech

Majority

A swathe of digital banks targeting specific demographics have sprung up in recent years. In the US, examples include Greenwood, focused on serving black Americans; Cheese Financial, aimed at the Asian community and Majority, serving immigrant groups. Daylight, an online banking provider focused on the LGBTQ community, shut down in 2023.Across Europe, Triodos Bank is a Netherlands-based bank that says it will only lend money to organisations that are committed to making a positive social change while in the UK Oxbury has a singular focus on British farmers.Next cab off rankThe next cab off the rank could well be soon-to-launch Ethos, a digital bank which is primarily, but not universally, targeting the four million UK Muslim community with Shariah-compliant banking services.Earlier this week, a press release was issued saying that Ethos was working with Thought Machine, which develops cloud-based banking software for Lloyds and JP Morgan, to launch a bank, kicking off with savings accounts and mortgages.The remit of Ethos Venture, Ethos’s parent company, is to launch “inclusive” financial services products, according to its co-founder and CEO Hasan Raza, a former investment banker with HSBC and BNP Paribas.Ethos Ventures, founded in 2020, says it has “built a team of over 20 world-class experts spanning retail and wholesale banking, investment banking and private equity”. Raza says Ethos Ventures has previously tried and failed to buy existing banks, so has now turned to launching its own.Financing behind the digital bank comes courtesy of investors from the UK, the Gulf and South East Asia, says Raza, though he does not share specific funding numbers.Awaiting UK banking licence approvalEthos applied for a full FCA and PFA UK banking licence in October last year and says its application is at a “mature stage”. Its decision to kick off with savings and mortgages marks a left-of-field manoeuvre, given the received wisdom is to start with current accounts.Raza says: “Most startup banks, if you look at Monzo and Starling, they began with transactional banking. “And the hard bit, creating a lending book which is where banks make long-term income, they didn’t do until much later down the line.“We began with let’s do the hard bit first

Sharia-Compliant Digital Bank Ethos Looks To Shake Up Industry

It can be challenging to pick up and move to a new country, made even more challenging if you are not used to the style of banking in that particular country.The increase of immigrants to the United States — some 50 million total foreign-born people live in the US now, according to immigration think tank Center for Immigration Studies — present an opportunity for startups to tailor financial services to this population. Companies like Comun, Maza, Alza and Welcome Technologies, for example, help Latino immigrants open bank accounts. Magnus Larsson, himself an immigrant from Sweden, ran into similar problems and created Miami-based Majority in 2019 to address them. For a $5.99 per month membership fee, migrants can open a bank account and get a debit card, community discounts, fee-free international money transfers and discounted international calling. There is also a peer-to-peer pay feature.Accounts don’t require a Social Security number or U.S. documentation, just an international government-issued ID and proof of U.S. residence

Immigrant Banking Platform Majority Secures $20M Following 3X Revenue Growth

MAJORITY opens 1st physical location on Texas border in Laredo.

MAJORITY opens 1st physical location on Texas border in Laredo

MAJORITY has also received $9.75 million in funding from Valar Ventures and Heartcore Capital.

Mobile Banking Provider MAJORITY Offers Financial Services to Migrants From Mexico | The Fintech Times

Majority's new location positions the company close to The Gateway to the Americas International Bridge that crosses the Rio Grande in Texas.

Majority, a digital bank for US migrants, grabs $9.75M amid expansion in Texas

Majority Raises Usd 37.5 Mln

Natasha Mascarenhas / TechCrunch:Majority, a mobile bank serving migrants to the US, raised a $30M Series B and $7.5M in debt, bringing its total funding to $83.5M in just over a yearNine months after raising a Series A round, Majority has raised tens of millions in both equity and debt financing for its mobile bank for migrants.

Majority receives financing of $7.5M in equity and debt financing

Neobank Majority has secured a new funding round to help immigrants get access to financial services that big banks don't easily provide.

Minority neobank Majority secures $37.5m in Series B raise

By Riley Kaminer. Immigration continues to drive U.S. population growth, despite our country’s declining birthrate. Of course, Miami and Florida more broadly are major focal points for this immigration – with more than half of Miami-Dade residents having been born abroad

Majority Expands Florida Footprint, With $37.5M Series B In Tow

Majority, the mobile banking outfit for migrants in the US, has raised $30 million in Series B funding led by Valar Ventures.

Majority

Mobile banking services for migrants

Majority

Mobile banking services for migrants

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