The Miami-based fintech has tripled revenue three years in a row, grown to 80 employees locally, and is betting big on stablecoins and new consumer products.
When Magnus Larsson looks at fintech, he doesn’t see a sector defined by apps or hype cycles. He sees infrastructure. Much like how the shift from traditional telephony to Voice over IP reshaped global communication, Larsson believes we’re now witnessing the same kind of transformation in money movement.
“We’re in the starting phase now where money moving across borders is going to be free,” Larsson told Refresh Miami. “It should be instant, easy, and cost nothing – just like sending a text message.”
That thesis is at the heart of MAJORITY, the Miami- and Stockholm-based fintech he leads. In just three years, the company has tripled its revenue annually, scaled to 120 employees worldwide, and built a loyal user base in the United States, serving immigrant communities who regularly send money back home.
A new kind of fintech product
MAJORITY’s latest release pushes the company further into consumers’ everyday lives: a mobile plan bundled into its subscription. Customers can now get a U.S. phone number, unlimited talk and text, and calling options back home, all in one package.
“From day one, our promise has been simple: Pay a monthly fee and save money when you use our product,” Larsson said. “We wanted to expand that portfolio in ways that make sense for our users. With telecom, there are usually hidden taxes and fees. We stripped that out and made it straightforward, subscription-style that is just like the rest of what we offer.”
Larsson is a telecom industry veteran. Before launching MAJORITY, Larsson served as CEO of Rebtel, the Swedish technology company founded in 2006 that built a global business around international calling, messaging, and mobile payments for migrants and travelers. He also was an executive at Comviq, one of Sweden’s leading mobile operators.
Weathering fintech’s cycles
The broader fintech market has gone through highs and lows since MAJORITY launched. The 2021 boom saw record valuations and venture dollars pouring into the space. Then came the “fintech winter,” fueled by higher interest rates and regulatory bottlenecks.
“It’s been a bit of a rollercoaster,” Larsson said. “But we’ve been fortunate to perform well through it, raising capital twice during a period when many fintechs were struggling.”
Now, with companies like Chime and Circle going public, he sees momentum returning. Add in regulatory clarity around stablecoins from the new administration, and Larsson believes the stage is set for the next wave of growth.
Stablecoins as rails, not speculation
The conversation around web3 often gets muddied by speculation and volatility. But Larsson stressed that MAJORITY’s interest lies in the underlying infrastructure, not in crypto as an investment.
“I’ve been very skeptical of crypto as an asset class,” he said. “But the technology behind stablecoins is different. At the end of the day, it’s just a digital dollar. A customer shouldn’t need to care whether it’s USDC or another form – as long as it’s properly backed. It’s a way to move money globally, instantly, and at almost no cost.”
With millions of users in Latin America relying on remittances, the potential is massive. “It’s the exact same revolution as Voice over IP,” Larsson explained. “Telecom shifted to the internet, and now money movement is doing the same.”
Miami’s role in fintech
MAJORITY has planted deep roots in Miami, where the company’s team of around 80 now outnumbers its Stockholm tech hub. Larsson sees promise in the city but doesn’t shy away from pointing out its gaps.
“Miami is still a very small tech scene,” he said. “What it really needs is a few breakout companies: its version of a Spotify, Klarna, or Coinbase. That’s what builds a flywheel of talent and reinvestment.”
Still, he’s bullish on the region’s potential, citing a surge of young exited founders and Miami’s unique positioning with Latin America.
“There’s a strong crypto and stablecoin movement across Latin America,” he said. “Combine that with the U.S. now taking the lead on regulation, plus Miami’s history as a hub for this space, and you have the foundation for something powerful. But the city still needs better universities, infrastructure, and a more affordable cost of living to sustain growth.”
What’s next for MAJORITY
The roadmap ahead includes expanding into new countries, launching stablecoin-enabled wallets, and rolling out credit products for U.S. users. It’s an ambitious slate, but Larsson sees it as part of a much larger mission.
“The driving force is solving hard problems and building products that impact as many people as possible,” he said.
“We’re part of a movement where sending money across borders is going to be free,” he continued. “Some of today’s incumbents will struggle to adapt, but that shift is coming. And being part of it is exciting.”
READ MORE IN REFRESH MIAMI:
- Immigrant-focused banking platform MAJORITY raises $20M
- Leap Financial raises $3.5M to send ripples through the remittance industry
- Transak raises $16M to scale stablecoin payments, and Miami is central to the plan
- Crypto keeps building in Miami, and investors are paying attention
- Palla raises $14.5M to power instant cross-border payments for banks
- Inside the immigrant-focused startup outpacing VC-backed rivals
