Majority, a digital bank for migrants in the US, has landed $37.5 million in Series B funding led by Valar Ventures.
The funding round consists of $30 million equity from Valar and participating insider, Heartcore Capital, as well as $7.5 million in debt financing from a US-based commercial bank.
Majority says it will deploy the new funds towards enhancing its suite of essential services as the company targets the nearly 50 million immigrants in the US.
The new round follows nine months after Majority’s Series A round, bringing the total investment to $83.5 million.
Founded in 2019, Majority claims to be the first mobile banking service dedicated to serving migrants. For a monthly membership of $5.99, it provides financial services including a bank account and debit card, community discounts, free international money transfer, discounted international calling, no overdraft fees and no minimum balance requirements.
To make it more accessible, users can sign up for Majority’s services with their international government-issued ID and proof of US residence, without need for US social security number or documentation.
“Our mission, as a company of immigrants for immigrants, has always been to provide migrant communities with the resources they need,” says Magnus Larsson, founder and CEO at Majority.
The digital bank claims to have seen a four-fold increase this year in its monthly transaction volumes and a fivefold increase in revenue in the past year.