Total amount raised
$83.5 Millions
Latest funding date
09/01/2022
Location
Title
MAJORITY has successfully raised significant funding over multiple rounds, establishing itself as a key player in mobile banking for internationals. The platform offers a comprehensive suite of services, including banking, money transfers, and international calling.
Keep reading to explore the intricacies of MAJORITY's fundraising journey and the investors backing this innovative platform.
What Is MAJORITY?
MAJORITY, founded in 2019, is a mobile banking service tailored for internationals living in the U.S. The company is headquartered in Miami, Florida.
MAJORITY offers a comprehensive suite of financial services, including banking, money transfers, and international calling. Users can open an account with any valid ID from their home country and enjoy benefits like cashback with a debit card and low-cost international calls.
While the founders' names and the number of employees are not disclosed, MAJORITY continues to grow, providing essential financial services to a diverse international community.
How Much Funding Has MAJORITY Raised?
- Seed Round:
- Amount Raised: $19 million
- Date: June 22, 2021
- Lead Investors: Valar Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand MAJORITY's product offerings and broaden its team, especially hiring diverse talent from different immigrant communities.
- Series A Round:
- Amount Raised: $27 million
- Date: December 7, 2021
- Lead Investors: Valar Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand mobile banking services for migrants, roll out a feature allowing users to sign up for a bank account without a Social Security number, and scale the risk team and back-office functions.
- Series B Round:
- Amount Raised: $37.5 million
- Date: September 14, 2022
- Lead Investors: Valar Ventures and other existing investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To focus on growth amidst a shaky economic environment, build a better team, and expand services.
Total Amount Raised: $83.5 million
Current Valuation: Not publicly disclosed
Key Investors
- Valar Ventures
- Details: Valar Ventures is a venture capital firm co-founded by Peter Thiel. It focuses on transformative technology companies.
- Investment Focus Areas: Fintech, technology, early-stage companies
- Notable Investments: TransferWise (now Wise), N26, Xero
- Avid Ventures
- Details: Avid Ventures is a venture capital firm that invests in early-stage technology companies. It participated in both the seed and Series A funding rounds for MAJORITY.
- Investment Focus Areas: Technology, early-stage companies, various sectors
- Notable Investments: Not publicly disclosed
- Heartcore Capital
- Details: Heartcore Capital is a venture capital firm that specializes in consumer technology companies. It has been an investor in MAJORITY since the seed round.
- Investment Focus Areas: Consumer technology, software, early-stage companies
- Notable Investments: Not publicly disclosed
- Nordic Fintech Founders
- Details: This group consists of founders from successful fintech companies in the Nordic region. They have been involved with MAJORITY since the seed round.
- Investment Focus Areas: Fintech, technology startups
- Notable Investments: Not publicly disclosed
What's Next for MAJORITY?
MAJORITY is poised to capitalize on the growing demand for accessible financial services among migrants. With plans to expand its advisor programs and physical locations, the company aims to build stronger community ties and trust. The potential market is vast, with millions of migrants arriving in the U.S. each year, offering significant growth opportunities.
Future fundraising seems promising, given the rapid succession of previous rounds. Investors are likely to continue backing MAJORITY if it maintains its growth trajectory and expands its user base. However, the company will need to navigate regulatory challenges and fierce competition from other fintech startups to sustain its momentum.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay's platform to access comprehensive fundraising data on companies like MAJORITY and gather other critical business insights.
Sign up for free on Clay and start making data-driven decisions today.
