Majority, a mobile banking company offering financial services to U.S. migrants, closed on its fourth funding round in two years as it opens a community meetup space in Laredo, Texas.
The new location positions the company close to The Gateway to the Americas International Bridge that crosses the Rio Grande, Magnus Larsson, founder and CEO at Majority, told TechCrunch. Majority already has physical locations across Florida, in Miami, Hialeah and Orlando, and in Houston.
“We started off in Texas and Florida,” Larsson said. “Florida has been our main focus for a period of time now, however, our business is about trust, and there is an opportunity to be the first banking product that you can open when you enter the country. As an immigrant myself, I experienced how hard it can be to seek out the services and support you need.”
For a $5.99 per month membership fee, the company, founded in 2019, offers migrants a bank account and debit card, community discounts, fee-free international money transfer and discounted international calling.
Accounts don’t require a Social Security number or U.S. documentation, just an international government-issued ID and proof of U.S. residence, and don’t have overdraft fees or minimum balance requirements. There is also access to Majority’s “Advisor Program,” a network of over 250 trained support staff nationwide, who are immigrants themselves.
Larsson didn’t provide specifics on the company’s customer base or revenue beyond saying that Majority’s transaction volume is growing 6x per year.
The $9.75 million in new capital is an extension to Majority’s $37.5 million Series B, announced last September. Existing investors Valar Ventures and Heartcore Capital were involved in this round. Majority has now raised over $86 million in equity, including $19 million seed and $27 million Series A rounds.
The new funding will support the expansion into Laredo and additional growth along the United States-Mexico border.
Along with the new presence in Laredo, Majority will release a “Financial Handbook for Mexicans” later this year that is a specialized version of its “Migrant Handbook” that provides information on starting a life in the U.S.
“The main thing for us is to continue following the plan and structure that we started at the beginning, which is to take a step-by-step approach, starting with one community at a time, then adding another and another,” Larsson said. “This funding is more of a step for us to continue the momentum and start doing more.”
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Editor’s note: June 20, 9:32 a.m. PST, updated to note that the service includes “fee-free” international money transfers. The company said “This is the most competitive rate among remittances services, only charging mandatory production costs with no markups or extra fees.”