Immigrant-focused banking platform MAJORITY raises $20M

By Riley Kaminer

When Magnus Larsson left his native Sweden to live in Miami, he experienced firsthand the difficulties immigrants like him face doing tasks that most Americans take for granted. Top of the list: anything financial, from everyday checking to spending to savings and beyond.

In 2019, Larsson launched MAJORITY as the first digital bank dedicated to helping migrants get set up in their new country. Now, the company has announced that they have raised $20 million ($12.5 million in equity and $7.5 million in debt financing) to further their mission. MAJORITY has raised over $90 million in equity funding to date.

The add-on funding round was led by a group of big names in fintech such as Victor Jacobsson, co-founder of Klarna, and the Swedish serial entrepreneur Hjalmar Winbladh. Additional participants included Valar Ventures, Heartcore Capital, and Avid Ventures; plus angels Magnus Nilsson and Jacob de Geer, co-Founders of small business payments solution iZettle.

“I’ve known and worked with Magnus for more than 10 years; the consistency and the precision of this group of operators is likely the best in the consumer fintech space right now,” said Winbladh, co-founder of EQT Ventures, Rebtel (where Larsson was previously CEO and is currently chairman), Epidemic Sound, and more.

“Since the beginning at MAJORITY, the team, led by Larsson, has done nothing but beat the plans month by month, quarter by quarter, year by year,” Winbladh continued. “MAJORITY has excelled despite a tough environment and I have no doubt it will continue to do so.”

Larsson [pictured above] also underscored this growth in an interview with Refresh Miami: “Last year was a breakthrough year: We did five times the amounts of deposits, and now we’re backing $200 million in monthly deposits. That shows the strength of our business.”

MAJORITY offers a bundle of immigrant-focused resources for $5.99 per month. This includes a checking account and debit card, local community store discounts, low cost international calling and international money transfers with competitive exchange rates and no hidden fees. Users do not need to have a social security number or tax ID – rather, MAJORITY will accept a verified government-issued photo ID (including those issued by other countries) and proof of current US residency such as a utility bill.

“I love that what we’re doing is building something that helps users thrive and succeed,” said Larsson, MAJORITY’s CEO. “We are at the beginning of our journey, but we have identified a specific market need and are addressing a real problem. Building success in the US, especially as an immigrant, requires careful planning. Immigrants often face high fees, and our solution helps save people money.”

Miami’s high density of immigrants, plus Larsson’s connections to the University of Miami, made our city a no-brainer for MAJORITY’s HQ. “When I came here two or three years ago, we were less than 10 people. Now we’re 80 in South Florida, between offices in Miami and Doral, and 140 people overall.”

Larsson expects to leverage these funds to continue hiring across all areas and to continue developing the company’s products.

“We expect steady growth and continued expansion, aiming to surpass $100 million in annual recurring revenue within a year. We aspire to become a large, significant company. Miami still lacks a few notable success stories, and we hope to be one of them.”

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Riley Kaminer

I am a Miami-based technology researcher and writer with a passion for sharing stories about the South Florida tech ecosystem. I particularly enjoy learning about GovTech startups, cutting-edge applications of artificial intelligence, and innovators that leverage technology to transform society for the better. Always open for pitches via Twitter @rileywk or www.RileyKaminer.com.

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