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.
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.
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.