"MAJORITY Raises $20 Million to Expand Mobile Banking Services for Immigrants"
Majority Raises $20M in Funding
MAJORITY's Funding and Growth
Key Highlights:
- Funding Round: Raised $20 million in funding, including $12.5 million in equity and $7.5 million in debt financing from a bank.
- Record Growth: Achieved 3x revenue growth, 5x increase in transaction volume, 4x increase in remittances, and 2x growth in users in 2023.
- Product Expansion: Plans to develop a global immigrant-focused offering to further serve its users.
MAJORITY's Target Market
- Target Market: Migrants in the US seeking mobile banking and international services.
- Immigrant Communities: Focus on providing financial resources and services to immigrants and their families.
- Underserved Individuals: Offering banking services to individuals without a social security number or an Individual Taxpayer Identification Number.
What MAJORITY Needs to Buy
- Product Development: Collaborating with technology partners to enhance and expand its mobile banking and international services.
- Marketing and Outreach: Engaging with marketing agencies and community organizations to reach and serve more migrants in the US.
- Partnerships and Integrations: Forming strategic partnerships with financial institutions and fintech companies to enhance its product offerings.