Majority Secures $9.75 Million Funding and Opens Community Space in Laredo, Texas
Majority, a mobile banking company catering to U.S. migrants, has successfully concluded its fourth funding round within a span of two years, coinciding with the opening of a community meetup space in Laredo, Texas.
The strategic location of the new space near The Gateway to the Americas International Bridge, which crosses the Rio Grande, enables easy accessibility for customers, as highlighted by Magnus Larsson, the CEO and founder of Majority, in an interview with TechCrunch. The company already has physical locations in Miami, Hialeah, and Orlando, Florida, as well as in Houston, Texas.
Founded in 2019, Majority offers migrants a bank account and debit card, community discounts, free international money transfers, and discounted international calling for a monthly membership fee of $5.99. The accounts do not require a Social Security number or U.S. documentation; rather, an international government-issued ID and proof of U.S. residence are sufficient. There are no overdraft fees or minimum balance requirements, and customers have access to Majority’s “Advisor Program,” which consists of over 250 trained support staff nationwide, many of whom are immigrants themselves.
The recent $9.75 million funding round serves as an extension to Majority’s $37.5 million Series B funding, announced in September of last year. Existing investors Valar Ventures and Heartcore Capital participated in this round. With this latest funding, Majority has raised over $86 million in equity, including previous seed and Series A rounds.
The additional capital will support the company’s expansion into Laredo and facilitate further growth along the United States-Mexico border.