ManyThe mobile banking service for immigrants to the United States said Tuesday that it raised $ 27 million in a Series A funding round. Valor Ventures..Other existing investors including An enthusiastic venture, Heart Core Capital, And a group of Scandinavian FinTech founders also participated in this raise.
The round will take place just 6 months after the majority Raise $ 16 Million with Seed Funds, TechCrunch previously reported that MAJORITY’s total funding has reached $ 46 million so far. Since the seed round, the company has built an advisor program, especially in Florida, to develop a “Know your customer” (KYC) process and money transfer service to allow it to participate in the “larger Hispanic community in the United States.” Magnus Larsson told TechCrunch in an interview.
According to Larson, the team consists of approximately 45 technical and product employees based in Stockholm, Sweden, and more than 20 in-house employees in the United States. He added that the company employs “hundreds” of local advisors to work together and support members of various immigrant communities in their native language.
Larsson himself was a Swedish immigrant to the United States, and after serving as CEO of one of Sweden’s largest telecommunications companies, he launched a pre-launch venture to offer low-cost cross-border calling.
He is currently awaiting visa approval so that he can move from Stockholm to Miami to build MAJORITY’s marketing and brand initiatives. The company is also considering expanding its back office capabilities with risk teams that have run out of Houston locations.
Larsson founded MAJORITY in 2019, serving more than 1 million immigrants to the United States each year through a mobile app. The $ 5 / month app offers a variety of features such as FDIC insurance bank accounts with no overdraft fees, debit cards with community discounts, free money transfers, and paid international calls.
According to the company, the cost-effective service saves Cuban members an average of $ 21 a month and Nigerian members an average of $ 10 a month beyond membership fees.
The app’s core banking services are available in all 50 states of the United States, but its advisors are currently only available in Texas and Florida. Larson says these states are the hubs of the major communities that the app already offers.
“When we look at the different communities we serve, we usually focus on those communities. There is a town for Cubans-it’s Miami. For Ethiopians, it’s Washington DC. Somalia. For humans, it’s Minneapolis, “he added.
MAJORITY provides customized services to approximately seven different specific immigrant communities by offering culturally unique features such as discounts at local businesses. Larsson hopes to bring MAJORITY’s complete product suite to five or six more communities in the coming months.
Partnerships with local stores have proven to be an effective way for MAJORITY to expand its subscriber base, and although the company refused to share user numbers on the platform, it has been 10 in the past year. It states that it has doubled.
“You can come to see your advisor outside the grocery store. After 5 minutes, you can walk from there with the bank. [information] I have a Visa debit card at hand, and I can usually add money directly at the store and send it to another country, “Larsson said.
MAJORITY raises $27M Series A six months after its seed round to expand mobile banking for migrants – TechCrunch Source link MAJORITY raises $27M Series A six months after its seed round to expand mobile banking for migrants – TechCrunch
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