In a little over one year, MAJORITY has raised a $19 million seed, $27 million Series A and now a $37.5 million Series B round.
MAJORITY recently launched a service that lets migrants open an account without a Social Security number.
MAJORITY raised $27 million in its Series A funding round led by Valar Ventures, bringing MAJORITY’s total funding to $46 million to date.
"Banks need to figure out their place in the value chain ... And I think that's where you're going to see winners emerging," Majority CEO Magnus Larsson said.
Majority, a challenger bank that has been serving Houston's Nigerian immigrant community for the past six months, is looking to expand its services across the U.S.
The financial round was led by Valar Ventures while Avid Ventures, Heartcore Capital and several prominent Nordic fintech unicorn founders participated in it.
Launched in October as invite-only, MAJORITY is now widely available in the United States with additional product features such as early direct deposit and new currency routes
In the “migrant tech” space, Majority lends cultural and logistical banking support to immigrants.
Majority, a digital bank aimed at serving customers who are newcomers to the US, will launch later this year.
CEO Magnus Larsson announced the company’s launch from the stage at TECH FEST in Stockholm in September; the company will open its U.S. headquarters in Houston later this month