Majority, a challenger bank aimed at U.S. migrants, has raised nearly $9.8 million in its fourth round of funding.
Valar Ventures and Heartcore Capital, existing Majority investors, participated in the latest round.
The neobank plans to open a community meetup space in Laredo, Texas, and publish a financial handbook for Mexicans later this year, according to TechCrunch. Majority has offices in Houston and in the Florida cities of Miami, Orlando and Hialeah.
“O,ur business is about trust, and there is an opportunity to be the first banking product that you can open when you enter the country,” Magnus Larsson, Majority’s founder and CEO, told the publication.
The company, founded in 2019, charges a $5.99 monthly membership fee that provides migrants with a bank account and debit card, free international money transfers and discounted international calling. No U.S. documentation is required.
Majority raised $37.5 million in a Series B round in September. The challenger bank has brought in more than $86 million in equity since formation.