Majority, a Miami, FL-based provider of a platform offering mobile banking and international services to migrants in the US, raised $20M in funding.
The round included $12.5M in equity and $7.5M in debt financing from a bank. The add-on funding was led by a group of fintech founders including Victor Jacobsson, co-founder of Klarna and the Swedish serial entrepreneur, Hjalmar Winbladh with participation of Magnus Nilsson and Jacob de Geer, co-Founders of Izettle, plus follow-on venture capital firms Valar Ventures, Heartcore Capital and Avid Ventures.
The company intends to use the funds to further expand the product by developing its global immigrant-focused offering for its users.
Led by CEO Magnus Larsson, Majority provides a digital platform with mobile banking service, international services and more, dedicated to serving migrants. For $5.99 per month, its members in the US receive an FDIC-insured account, a Visa® debit card, use of more than 55,000 ATMs across North America, remittance and international calling, in-person native language advisors, and access to a network of community meet-up spaces, local discounts, and events.
In addition to the funding, Majority also announced the hiring of Abhi Pabba to serve as Chief Risk Officer.
FinSMEs
22/05/2024