
"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.
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.
A Swedish digial financial service recently launched its U.S. subsidiary in Houston last week.
The formerly invite-only challenger bank Majority has launched across the U.S. offering free remittances to four African countries.
"No matter where they are from, where they work or how much they make, migrant workers all face a common problem in the United States: Financial services are not always easy to secure."