When Magnus Larsson got here to the U.S. round 20 years in the past, he realized simply how onerous it was for immigrants to open a checking account, a lot much less navigate the U.S. monetary system. Finally, in 2019, he co-founded MAJORITY, a neobank geared toward making it simpler for brand spanking new arrivals to get entry to cellular banking companies.
Magnus Larsson
Central to MAJORITY’s companies are “meetups”, areas in areas with giant immigrant populations that MAJORITY targets. There they will meet in-person with advisors who typically are additionally initially from these international locations and can assist them perceive the nuances of life within the U.S. They’ll additionally attend workshops and different occasions with compatriots.
To that finish, Larsson simply introduced the opening of a brand new meetup area—its fifth —in Laredo, Tex., the higher to offer monetary companies and different support for migrants crossing the border from Mexico. Located in a visual spot, “It will likely be the very first thing you see if you go the border,” says Larsson.
A Meetup for the Unbanked
To date, the Laredo location has employed about ten advisors. They are going to assist with all the things from how you can get a drivers license to signing up for a bank card. “We take into consideration the entire migrant journey,” says Larsson. That’s significantly vital for a lot of Mexican immigrants, who could lack a checking account in their very own nation. Mexico is ranked quantity six on the earth of the least banked international locations, based on Larsson.
MAJORITY opened its first meetups in 2020 in Houston, centered on companies tailor-made for Nigerian immigrants, and in 2021 in Miami, for arrivals from Cuba. (It additionally helps Columbians and Venezuelans). Now, there are also meetup areas in Hialeah and Orlando. (All of the meetups are open to immigrants from any nation). Whole variety of advisors: about 250.
Meetup in Hialeah, Fla
Later this 12 months, MAJORITY will launch a monetary handbook for Mexican immigrants, a model of its Migrant Handbook, that may deal with the nuanced wants and considerations of Mexican immigrants. To that finish, it should embrace recommendations on all the things from how you can funds, save and make investments to how you can enroll youngsters in class.
For a $5 .99 month-to-month payment, MAJORITY subscribers get cellular banking companies, together with a checking account with no overdraft charges or minimums, a Visa debit card, entry to a community of ATMs, remittance companies and worldwide calling. Subscribers must have a government-issued ID and a proof of a U.S. tackle.
Funding for Enlargement
In 2015, Larsson turned CEO of Swedish expertise agency Rebtel, which permits folks to make worldwide telephone calls at a low-cost. (He’s now the board chairperson). The preliminary funding for MAJORITY got here from Rebtel’s founders and enterprise capital funding.
MAJORITY additionally just lately introduced $9.75 million in funding from Valar Ventures and Heartcore Capital. The brand new funding serves as a prime as much as MAJORITY’s Sequence B spherical led by Valar Ventures raised in September final 12 months. Whole raised: over $86 million in fairness. The newest funding ought to assist Larsson broaden his companies elsewhere alongside the Texas-Mexico border.