Provider Insights

Geographical Focus:

Majority is a digital financial service with a distinct immigrant focus, primarily serving customers in the United States. The company has established physical locations in Houston, Miami, Hialeah, Orlando, and New York, with plans to expand to other cities such as Chicago, Los Angeles, and Washington, D.C. Majority provides a range of financial services designed specifically for immigrants, including banking, international money transfers, and community support services. This community-focused strategy, including physical locations, helps build trust and enhance service accessibility.

Business Model:

Majority operates on a subscription model, charging a $5.99 monthly membership fee. This fee covers a range of services including:
             - FDIC-insured bank accounts
             - Visa debit cards
             - Free international money transfers
             - Discounted international calling
             - Community discounts

Growth:

Majority has experienced significant growth primarily due to its go-to-market strategy, which focuses on financial accessibility. By allowing users to open accounts without a Social Security number, using international government-issued IDs and proof of U.S. residence instead, Majority aims to serve the unbanked and underbanked migrant population, providing them with essential financial services.

Licenses:

Majority provides FDIC-insured bank accounts through a partnership with Axiom Bank, ensuring compliance with U.S. banking regulations. The Visa prepaid card issued to Majority customers is also managed through this partnership.

Last Fundraising Round:

In its latest fundraising round, Majority raised $37.5 million in Series B funding, comprising $30 million in equity financing led by Valar Ventures and other existing investors, and $7.5 million in debt financing from an undisclosed U.S.-based commercial bank. This follows a $19 million seed round and a $27 million Series A round, bringing its total funding to approximately $83.5 million.

Investors:

The Series B round was led by Valar Ventures with participation from existing investors. Previous investors include a mix of venture capital firms and commercial banks.