More than a million people migrate to the U.S. each year. Upon their arrival, they face challenges in opening a local bank account and accessing financial services at regular rates.
These challenges for migrants, a significant portion of whom also need to send money home, have persisted globally for decades, despite large government support programs.
Now an entrepreneur, who in his previous venture fought exorbitant phone tariff charges to help people make phone calls at low-cost, believes he has found the solution — and definitely a vote of confidence from investors.
MAJORITY said on Tuesday it has raised $19 million in its seed funding. The financial round was led by Valar Ventures while Avid Ventures, Heartcore Capital and several prominent Nordic fintech unicorn founders participated in it.
The two-year-old startup operates an eponymous mobile banking service. MAJORITY, whose name is a play on bringing financial inclusion to more people, runs a subscription service where it charges $5 a month to individuals and provides them with a range of financial services, including an FDIC-insured bank account with early direct deposit at no overdraft fee, a debit card, mobile credit and at-cost international phone calls.
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