Majority Neobank Secures $20M in Funding

May 23, 2024, 3:34 pm
MAJORITY
MAJORITY
FinTechLocalMobileService
Location: Sweden, Stockholm
Employees: 51-200
Founded date: 2019
Total raised: $113.25M
Majority, a Miami-based neobank specializing in providing financial services to migrants in the US, recently announced a successful funding round that raised a total of $20 million. This funding round consisted of a combination of equity and debt financing, with $12.5 million coming from equity and $7.5 million from debt financing provided by a bank.

The funding round was led by a group of prominent fintech founders, including Victor Jacobsson, co-founder of Klarna, and Hjalmar Winbladh, a Swedish serial entrepreneur. Other notable participants in the funding round included Magnus Nilsson and Jacob de Geer, co-founders of iZettle, as well as venture capital firms Valar Ventures, Heartcore Capital, and Avid Ventures.

Majority, under the leadership of CEO Magnus Larsson, offers a digital platform that provides mobile banking services, international services, and more, specifically tailored to meet the needs of migrants in the US. For a monthly fee of $5.99, members of Majority receive access to an FDIC-insured account, a Visa® debit card, use of over 55,000 ATMs across North America, remittance and international calling services, in-person advisors fluent in various languages, and access to a network of community meet-up spaces, local discounts, and events.

In addition to the funding announcement, Majority also revealed the appointment of Abhi Pabba as Chief Risk Officer, further strengthening the company's leadership team.

This funding round is a significant milestone for Majority, as it will enable the company to further enhance its product offerings and expand its global immigrant-focused services for its users. The success of this funding round highlights the growing demand for fintech solutions that cater to underserved communities, particularly migrants who face unique challenges when it comes to accessing traditional banking services.

With a track record of successful fundraising efforts, including previous rounds led by Valar Ventures and other key investors, Majority has positioned itself as a leading player in the neobank space. The company's commitment to providing essential financial services to migrants, coupled with its innovative approach to mobile banking and international services, sets it apart in a competitive market landscape.

Overall, the $20 million funding round signals a vote of confidence in Majority's business model and growth potential, paving the way for continued success and expansion in the fintech industry. As the company continues to innovate and evolve its offerings, it is poised to make a lasting impact on the financial services sector, empowering migrants with the tools they need to thrive in a digital economy.