"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.
Majority, a digital bank aimed at serving customers who are newcomers to the US, will launch later this year.
Incumbents and challenger fintechs dominate the remittance market, leading Majority to forge a very narrow use case for a specific initial corridor.
A newly launched challenger bank sees opportunity in the nearly 14% of U.S. residents who, according to Census Bureau estimates, were born in other countries.
The formerly invite-only challenger bank Majority has launched across the U.S. offering free remittances to four African countries.