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When Magnus Larson came to the United States nearly 20 years ago, he learned how difficult it was for immigrants to open bank accounts, much less navigate the US financial system. Finally, in 2019 he co-founded. manya neobank that aims to give new arrivals easy access to mobile banking services.
The core of MAJORITY’s services is the space “Meetup” located in areas with a large immigrant population targeted by MAJORITY. There they can meet face-to-face with advisors, often from those countries, who can help them understand the nuances of life in the United States. You can also participate in workshops and other events with compatriots.
To that end, Larson just announced the opening of a fifth new social space in Laredo, Texas, to provide financial services and other assistance to migrants crossing the border from Mexico. Located in a prominent location, “it’s the first thing you see when you cross the border,” says Larson.
A networking event for people without a bank account
So far, the Laredo location employs about 10 advisors. They can help you with everything from getting a driver’s license to applying for a credit card. “We are thinking about the whole immigration journey,” says Larsson. This is especially important for many Mexican immigrants who may not have bank accounts in their country. According to Larsson, Mexico ranks sixth in the world with the fewest bank accounts.
MAJORITY held its first meetup focused on services for Nigerian immigrants in Houston in 2020, and its first meetup in Miami for Cuban arrivals in 2021. (Colombians and Venezuelans also help). We now have social spaces in Hialeah and Orlando. (All meetups are open to immigrants from any country). Total number of advisors: about 250.
Later this year, MAJORITY will release an economic handbook for Mexican immigrants. immigration handbook, which focuses on the nuanced needs and concerns of Mexican immigrants. That’s why we’ve included tips on everything from how to budget, save and invest, to how to get your kids into school.
For $5.99 per month, MAJORITY subscribers get access to bank accounts with no overdraft fees or minimums, Visa debit cards, ATM network access, money transfer services, and mobile banking services such as international phone calls. Participants must have government-issued identification and proof of US address.
Financing for expansion
In 2015, Larsson became CEO of Rebtel, a Swedish technology company that enables low-cost international calls. (He is now Chairman of the Board.) MAJORITY’s initial funding came from Rebtel’s founder and venture capital investment.
MAJORITY also recently announced a $9.75 million funding round from: Valar Ventures and Heartcore Capital. The new funding will serve as a supplement to MAJORITY’s Series B round, led by Valar Ventures, which was raised last September. Total raised: Over $86 million in total equity. The funding should help Larson expand the service elsewhere along the Texas-Mexico border.
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