MAJORITY

About MAJORITY

Majority: Background and History of the Migrant-Focused Neobank Majority is an American neobank founded in 2019 by Magnus Larsson, a Swedish entrepreneur who personally experienced immigration to the United States. Based in Miami, Florida, Majority was created with a clear mission: to offer accessible, affordable banking services tailored to the specific needs of immigrant communities and diasporas living in the United States. Unlike traditional banks that often impose strict account opening requirements — Social Security number, credit history, long-standing proof of address — Majority made the radical choice of simplifying access to financial services for people who have recently arrived in the United States. Majority's story is set within a broader context of transformation in the global banking sector. Over the past decade, neobanks have emerged as credible alternatives to traditional financial institutions. Players like Revolut in Europe, Nubank in Brazil, and Chime in the United States have demonstrated that it's possible to offer fully digital banking services with reduced fees and an optimized user experience. Majority distinguished itself by targeting a long-neglected market segment: immigrants, expatriate workers, and diaspora members who regularly send money to families back in their home countries. The founding of Majority rests on a simple but powerful observation: more than 45 million immigrants live in the United States, and many of them are underbanked or entirely excluded from the traditional banking system. These people pay exorbitant fees for basic services like international money transfers, international phone calls, or simply cashing their paychecks. Majority set out to change this reality by offering an all-in-one solution accessible from a simple mobile app. From its earliest days, Majority raised significant funding from renowned investors. The startup notably benefited from the support of Valar Ventures, Peter Thiel's fund, as well as several other institutional investors convinced by the company's vision. In total, Majority raised more than $100 million across several funding rounds, enabling it to rapidly develop its technology platform and expand its service offering. Majority's headquarters are in Miami, a strategic choice given the high concentration of immigrant communities in South Florida, particularly Latin American, Haitian, and Caribbean communities. Majority's approach also stands out for its community dimension. Rather than offering a generic banking product, the neobank developed features specifically designed for diaspora needs. The Majority app is available in multiple languages, international money transfers are integrated directly into the platform, and complementary services like international calls and international mobile top-ups are offered at no extra cost. This holistic approach enabled Majority to build a loyal user base, primarily within Hispanic, Nigerian, Haitian, and other diaspora communities in the United States. Over the years, Majority has experienced remarkable growth. The neobank now claims hundreds of thousands of active users, primarily concentrated in US states with large immigrant populations such as Florida, Texas, New York, and California. The company has also established strategic partnerships with regulated financial institutions, enabling it to offer FDIC-insured (Federal Deposit Insurance Corporation) accounts, providing maximum security for customer deposits. To contact Majority customer service, users can do so directly through the mobile app, which is the primary communication channel with the bank. Contact via app is at the heart of the Majority experience, ensuring remarkable responsiveness and ease of access. Majority has also been recognized by several rankings and awards in the fintech space. The company regularly appears among the most promising startups in the financial services for immigrants sector, and has been featured by publications such as Forbes, TechCrunch, and the Financial Times for its innovative approach to financial inclusion. Majority's business model, based on a monthly subscription rather than hidden fees, has been praised as a transparent alternative to the often opaque practices of traditional money transfer services and conventional banks.