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Since the seed round, the company has been building out its advisor program, particularly in Florida, and developing its “know your customer” (KYC) process and remittance offering so it can onboard “larger Hispanic communities within the US,” founder and CEO Magnus Larsson told TechCrunch in an interview. He added that the company employs “hundreds” of local advisers who onboard and support members of different migrant communities by working with them in their native languages. The company is also looking to scale its risk team and back-office functions, which it runs out of its Houston location. The company says it has saved its Cuban members an average of $21 per month and its Nigerian members an average of $10 per member each month beyond its membership fee because of its cost-efficient service offerings.While the app’s core banking services are available in all 50 U.S. states Partnerships with local stores have proven to be an effective way for MAJORITY to grow its subscriber base, which it says has increased tenfold in the past year, though the company declined to share the number of users on its platform. MAJORITY, a mobile banking service for migrants to the United States, said on Tuesday it had raised $27 million in its Series A funding round led by Valar Ventures. Larsson founded MAJORITY in 2019 to serve the million-plus migrants who move to the US every year through its mobile app. MAJORITY provides customized services to about seven different specific migrant communities by providing them with culturally specific features, such as discounts at local businesses.
The United States