Majority, an opposition bank for immigrants to the U.S., is raising more cash and broadening its footprint.
The Miami business revealed a $37.5 million Series B financing raise on Wednesday, incorporating $30 million in equity from Valar Ventures and Heartland Capital, and $7.5 million in financial obligation funding from a U.S.-based business bank. This brings the opposition bank’s overall financing to $83.5 million, following a $27 million Series A in December 2021 and $19 million in seed financing 6 months prior.
“Our mission, as a company of immigrants for immigrants, has always been to provide migrant communities with the resources they need,” stated Magnus Larsson, creator and CEO at Majority, in a news release. “This funding will help us refine our services and better support these underserved communities.”
Majority is among a number of neobanks focused on immigrants to the U.S. Its design integrates a subscription-based digital banking app with a debit card, worldwide cash transfer, reduced worldwide calling and more for $5.99 each month, with neighborhood structure in the type of meetup areas where consumers can consult from individuals who speak their language — for example, an area for Central African immigrants in Houston. The business opened 3 brand-new areas in Florida and one brand-new place in Houston considering that its Series A raise.
Customers do not require a Social Security number to look for an account; rather, Majority accepts a global government-issued recognition and some evidence of U.S. home. The business states that its profits has actually increased 5 times over the previous year. Banking services are supplied by Axiom Bank, a $650 million-asset organization in Maitland, Florida, or Sutton Bank, which has $1.4 billion of properties and lies in Attica, Ohio.
