Majority, a digital financial institution for migrants within the US, has landed $37.5 million in Sequence B funding led by Valar Ventures.
The funding spherical consists of $30 million fairness from Valar and taking part insider, Heartcore Capital, in addition to $7.5 million in debt financing from a US-based industrial financial institution.
Majority says it would deploy the brand new funds in the direction of enhancing its suite of important companies as the corporate targets the almost 50 million immigrants within the US.
The brand new spherical follows 9 months after Majority’s Sequence A spherical, bringing the whole funding to $83.5 million.
Based in 2019, Majority claims to be the primary cell banking service devoted to serving migrants. For a month-to-month membership of $5.99, it gives monetary companies together with a checking account and debit card, neighborhood reductions, free worldwide cash switch, discounted worldwide calling, no overdraft charges and no minimal steadiness necessities.
To make it extra accessible, customers can join Majority’s companies with their worldwide government-issued ID and proof of US residence, with out want for US social safety quantity or documentation.
“Our mission, as an organization of immigrants for immigrants, has at all times been to supply migrant communities with the assets they want,” says Magnus Larsson, founder and CEO at Majority.
The digital financial institution claims to have seen a four-fold improve this 12 months in its month-to-month transaction volumes and a fivefold improve in income up to now 12 months.