MAJORITY, a neobank for migrants in the US, has raised $27m in a Series A funding round led by existing investor Valar Ventures.
The round was joined by other existing investors including Avid Ventures, Heartcore Capital and a group of Nordic fintech unicorn founders.
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Concurrently, the neobank announced the launch of its new banking membership services for the migrants in the US who do not have a Social Security Number (SSN).
The new service will allow users without an SSN to open an account using an international government-issued ID from any country along with proof of a US address such as a utility bill.
MAJORITY will use the proceeds to open a new headquarters in US’ Miami, expand its team across the US and Sweden and develop the all-in-one offering.
MAJORITY founder and CEO Magnus Larsson said: “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.”
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By GlobalDataInitially, MINORITY focused on Nigerian and Cuban communities in Texas and Florida, respectively. Earlier this year, MAJORITY scaled operations to offer its services to migrants throughout the US.
Currently, it offers an FDIC-insured account, a Visa debit card, no-fee remittances, at-cost international calling and the ability to send mobile credits that costs $5 per month.
Valar Ventures founding partner James Fitzgerald said: “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.”
The latest round comes six months after the $19m seed financing round, which was also led by Valar Ventures.
