MAJORITY raises $27 million

Majority, the startup providing mobile banking for migrants in the U.S., has raised $27 million in Series A funding. Valar Ventures led the round with participation from Avid Ventures, Heartcore Capital and a group of “prominent Nordic fintech unicorn founders.”

In conjunction with the funding, MAJORITY is rolling out its banking membership services to migrants in the U.S. who lack Social Security Numbers. While many banks in the U.S. do not require an SSN to register or open an account, they do require an Individual Taxpayer Identification Number, green card, visa, passport or type of U.S. government-issued ID as well as an in-person appointment. MAJORITY can offer members without a Social Security Number the ability to register and start a membership completely online, requiring only an international government-issued ID from any country along with proof of a U.S. address (e.g. a utility bill).

Founded in 2019, MAJORITY’s product is a bundled $5 per month subscription that includes an FDIC-insured account featuring early direct deposit and zero overdraft fees, a Visa debit card with cashback and community discounts, no-fee remittances, at-cost international calling and the ability to send mobile credits to loved ones back home. The startup has tailored its offering to each specific community and has hired local advisors to onboard and support each community in its native language. In addition, members can access additional high-touch assistance and take advantage of local meet-up spaces, events, and library of community-driven informational resources.

“A bank account is the starting point to so many other things for someone moving to a new country, and American bureaucratic delays and backup shouldn’t prevent people from being able to establish themselves here. Our mission, as a migrant-led company, has always been to serve the migrant communities with the unique resources they need—financial and otherwise—and this latest funding will help us continue to perfect our services and support this community that is the backbone of America.” – Magnus Larsson, founder and CEO at MAJORITY.

“MAJORITY is leading the way for services in the migrant tech category, showing steady growth as they’ve continued to innovate and increase the variety and quality of resources for this underserved community. Requiring only a government ID and proof of U.S. residence to register for a banking membership is the latest innovation underscoring how MAJORITY understands the unique needs of this community and works to create the tools to serve them.” – James Fitzgerald, founding partner at Valar Ventures.

“Traditional financial institutions continue to make it difficult or impossible for the nearly 50 million immigrants in the U.S. and 300+ million globally to have access to critical services for basic living. MAJORITY continues to pioneer new and improved ways to meet the needs of this community while creating pivotal change in the banking industry.” – Addie Lerner, founder and managing partner at Avid Ventures.