The Swedish startup taking on US banks

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Startup Story of MAJORITY

MAJORITY is re-defining banking for migrants

Every year, millions of migrants arrive in the US only to confront a financial system that is impossible to navigate. Addressing this challenge is MAJORITY, a fintech startup from Stockholm, Sweden, led by CEO Magnus Larsson. This is the story of how a European startup is solving financial hurdles for over 50 million U.S. migrants.

Simplifying Banking for Migrants

Without a social security number or a credit history banks in the US won’t let you set up an account. When founder & CEO Magnus Larsson first moved to the US he was reliant on a banking system that wouldn't accommodate for non-Americans. 

With this came the start of MAJORITY, a startup which has now raised over $83 million in funding to tackle the challenges of US banking.

So, how is MAJORITY solving this?

MAJORITY allows migrants to bank using their international ID and proof of residence, eliminating the need for a Social Security number. The platform has a subscription-based model, where migrants can access traditional banking services without typical U.S. documentation, often unavailable to them. Currently serving major U.S. migrant communities, Majority plans to be the solution for the large underserved market of over 50 million migrants.

From Stockholm to U.S. Shores

MAJORITY managed the challenges of raising capital in the U.S. by tapping into its Nordic roots. The startup has secured over $83 million in funding, most recently $37.5 million from its Series B funding round, supported by Nordic investors in the early stages and now receiving interest from abroad.

The momentum of funding from the Nordic investors was not just about funds; it also lent credibility to MAJORITY as it entered the U.S. market, leveraging this to raise a Series B with the availability of larger US investors.

Impacting over 50 million migrants daily

MAJORITY is driving substantial change in the U.S. banking system by catering to a demographic neglected by traditional banks. As a European startup, it challenges the rigid U.S. banking practices that have historically excluded migrants.

MAJORITY has democratized financial services for over 50 million migrants and signals how startups can benefit from an impact-oriented approach to scale & product-market fit.

The road ahead for MAJORITY

Looking ahead, MAJORITY plans to expand its services to include more comprehensive financial solutions such as credit building and insurance, specifically designed for migrants. This expansion is underpinned by a strategic approach to community building, with meetup spaces that provide not just financial services but also a place for migrants to connect and receive guidance. "We're creating a community as much as a bank," says Larsson, underscoring the dual focus on financial and social integration for migrants in the U.S.