Majority Raises $20 Million to Enhance Financial Services for Migrants

Majority, a platform designed to cater to migrants in the United States with mobile banking services and international offerings, has successfully raised $20 million in its latest funding round. This milestone follows a year of notable growth for the company, despite prevailing challenges in the FinTech sector. The funding round was spearheaded by distinguished FinTech founders, including Victor Jacobsson, co-founder of Klarna, and Swedish serial entrepreneur Hjalmar Winbladh. Other notable participants included Magnus Nilsson and Jacob de Geer, co-founders of iZettle, along with venture capital firms Valar Ventures, Heartcore Capital, and Avid Ventures. The round consisted of $12.5 million in equity and $7.5 million in debt financing from a prominent bank.

Empowering Migrants with Essential Financial Services

Majority aims to empower migrants in the US by providing essential financial services tailored to their unique needs. These services include mobile banking, international money transfers, and other financial products designed to support the migrant community. The recent influx of funds will primarily support Majority’s efforts to enhance its global immigrant-focused offerings, ensuring it remains a leading financial resource for migrants worldwide. Additionally, the company has appointed Abhi Pabba as Chief Risk Officer to bolster its product expansion initiatives.

Magnus Larsson, CEO and Founder of Majority, emphasised the company’s commitment to addressing the financial challenges faced by migrants. Larsson stated, “We are living in a new era where immigration is both a global challenge and opportunity. The faster we can help people get access to financial products and resources, the better for everyone.”

Despite industry-wide hurdles, Majority has consistently surpassed expectations, raising over $90 million in equity funding to date. The recent funding round marks a significant milestone in the company’s journey toward profitability and reinforces its position as a key player in the FinTech landscape.

Hjalmar Winbladh, an investor in Majority, praised the company’s performance, highlighting its unwavering focus and precision in execution. Winbladh remarked, “Since the beginning at Majority, the team, led by Larsson, has consistently exceeded plans month by month, quarter by quarter, year by year.”

With its steady growth and clear vision for the future, Majority is poised to continue making a significant impact in the FinTech industry, offering essential banking services, low-cost money transfers, and community support to immigrants in the US.