Connect with us

Tech

Immigrant banking platform Majority secures $20M following 3x revenue growth

Published

on


It can be challenging to pick up and move to a new country, made even more challenging if you are not used to the style of banking in that particular country.

The increase of immigrants to the United States — some 50 million total foreign-born people live in the U.S. now, according to immigration think tank Center for Immigration Studies — presents an opportunity for startups to tailor financial services to this population. Companies like Comun, Maza, Alza and Welcome Technologies, for example, help Latino immigrants open bank accounts. 

Magnus Larsson, himself an immigrant from Sweden, ran into similar problems and created Miami-based Majority in 2019 to address them. For a $5.99 per month membership fee, migrants can open a bank account and get a debit card, community discounts, low-cost international money transfers and discounted international calling. There is also a peer-to-peer pay feature.

Accounts don’t require a Social Security number or U.S. documentation, just an international government-issued ID and proof of U.S. residence. They also don’t have overdraft fees or minimum balance requirements. In addition, users have access to Majority’s “Advisor Program,” a network of trained support staff nationwide, who are immigrants themselves.

“For many customers, we are the primary relationship they have when it comes to their financial services, and services to connect back to their own country,” Larsson told TechCrunch. “Most migrants are hit by a lot of predatory fees. When it comes to financial services, remittances and moving money cross-border, you pay a fixed fee, but we are taking away the other fees.”

Magnus Larsson, founder and CEO of Majority.
Image Credits: Majority

Majority’s approach has caught on: Over the past year, the company grew its revenue three times while the number of users doubled. In April, Majority reached $40 million in annual recurring revenue and $200 million monthly in new deposits, Larsson said. Overall, transaction volume grew five times, while remittances grew four times in 2023. Remittances are how someone in the U.S. sends money to someone across boarders, like to family members back home.

TechCrunch has followed Majority’s growth journey since it closed a $19 million seed round in 2021. The company has since gone on to raise a $27 million Series A and several tranches of Series B funding, most recently a $9.75 million round in 2023, which included backing from existing investors Valar Ventures and Heartcore Capital. 

All of that growth led Larsson to consider raising additional funding to help pay for more growth. Of the $20 million in capital raised, $12.5 million is equity, another Series B tranche. The round was led by fintech founders including Klarna co-founder Victor Jacobsson and Swedish serial entrepreneur Hjalmar Winbladh. Valar Ventures, Heartcore Capital and another existing investor Avid Ventures are back to participate, and Zettle co-founders Magnus Nilsson and Jacob de Geer also participated. 

The rest of the money was $7.5 million in debt financing from an unnamed bank. In total, Majority has raised $90 million in equity funding to date. Larsson also declined to give the company’s valuation, but did say it was a flat round.

In addition, the company recently hired Abhi Pabba to serve as chief risk officer. Pabba previously served as Apple’s manager of credit risk for the Apple Card. He will support Majority’s upcoming product expansion efforts. 

With the new funding, Larsson intends to continue developing products, including helping users establish a credit score and gain access to credit products. The company is also building products for redundancies to better manage risk.

The recent funding is also the final step toward profitability, Larsson said.

“That’s always been the aim, and could come as soon as next year,” he said. “We are in that stage where we know our customers well, we know that they love our product and we know how to scale this market very well. What we’re doing is making people thrive and succeed better and faster. It’s something that is needed, and going forward, we are evaluating how we can build this for 300 million people.”



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Tech

Greenhouse Gases Are Alerting Oceans ‘Before Our Eyes,’ Says NASA

Published

on

By



NASA has shared a stunning yet concerning visualisation of sea surface currents and how they are being altered due to global warming. The visualisation depicts the average temperatures of ocean currents and how they differ at different locations.

The warmer hues such as red, orange, and yellow indicate higher temperatures, and cooler shades like green and blue represent lower temperatures.

“With 70% of the planet covered by water, the seas are important drivers of Earth’s global climate. Yet, increasing greenhouse gases from human activities are altering the ocean before our eyes,” the agency captioned the post.

According to NASA, 90 percent of the planet’s warming occurs within the ocean. Since modern recordkeeping began in 1955, the internal heat of the ocean has steadily increased, contributing significantly to climate change.

ALSO SEE: World’s Oceans Are Losing Their “Memory” As A Result Of Global Warming, Experts Claim

The heat stored in the ocean leads to thermal expansion, a process where water expands as it warms. This phenomenon is a major contributor to global sea level rise, accounting for one-third to one-half of the increase.

Scientists say the majority of this heat is concentrated at the surface, within the top 700 meters of the ocean. According to existing records, the past decade has been the warmest for the ocean since at least the 1800s, with 2023 marking the highest recorded ocean temperatures to date.

ALSO SEE: Arctic Ocean Warming Started Decades Earlier Than Previously Thought

The warming of the ocean has far-reaching effects. One of the most visible impacts is the rise in sea levels, primarily due to thermal expansion. Warmer waters have also led to widespread coral bleaching, which affects marine ecosystems and the increased temperatures also accelerate the melting of Earth’s major ice sheets.

NASA says that the warming ocean intensifies hurricanes affect ocean health and biochemistry, altering marine life habitats and disrupting food chains.





Source link

Continue Reading

Tech

NASA Shares Incredible Picture Of ‘Space Potato’ Phobos; It Will Soon Crash Into Mars

Published

on

By


Ever seen a space potato? NASA is here to treat you with one. The agency has shared a fascinating image of Phobos, the larger of two moons of Mars, explaining what makes this object so intriguing.

Meauring just 27 by 22 by 18 kilometres in diameter, Phobos orbits Mars about 6,000 km above the red planet’s surface and it is on a collision course with Earth.

This is the closest any Moon orbits a planet and Phobos might crash into Mars in the future. Scientists estimate that this is likely to happen within 50 million years. Another likely scenario of Phobos’ end will be its potential obliteration into pieces, eventually forming a ring around Mars.

According to NASA, Phobos is nearing Mars at the rate of six feet each year.

ALSO SEE: We May Have Been Wrong About Martian Moon Phobos’ Origin, It Could Be A Comet

Phobos (left) and Deimos (right). Image: NASA

Describing the image, the agency said that it was taken by the High Resolution Imaging Science Experiment (HiRISE) camera on the Mars Reconnaissance Orbiter, which has been studying Mars since 2006.

Phobos was discovered along with its twin just six days apart by astronomer Asaph Hall in 1877.

ALSO SEE: ISRO’s Mangalyaan Presents Breathtaking Video Of Martian Moon ‘Phobos’

The Moon also has several craters but the most dominant one is the 10-km-wide Stickeny crater which Hall named after his wife Angelina.

The second moon is Deimos which measures 15 by 12 by 11 kilometres and orbits the red planet every 30 hours. Both the moons are named after the mythological sons of Ares, the Greek counterpart of the Roman god. Phobos means fear and Deimos means dread, says NASA. As for their origin, astronomers believe they could be asteroids or debris caught by Mars in the early solar system.

(Image: NASA)





Source link

Continue Reading

Tech

Rare ‘Gigantic Jets’ Spotted Above The Himalayas, NASA Shares Viral Picture

Published

on

By


NASA recently shared a captivating image of gigantic jets soaring from a thunderstorm toward the Himalayan Mountains in China and Bhutan. This composite image, featured in NASA’s Astronomy Picture of the Day segment on June 18, reveals four immense jets captured within minutes of each other.

Gigantic jets are a rare and fascinating type of lightning discharge that have only been documented since the early 2000s. Unlike conventional lightning that occurs between clouds or strikes the ground, gigantic jets bridge the gap between thunderstorms and the Earth’s ionosphere, the layer of the atmosphere that is ionised by solar and cosmic radiation, NASA said.

Jets of lightning spotted over the Himalayas. Image: NASA/Li Xuanhua

These jets are unique in their appearance and behavior, differing significantly from traditional lightning phenomena.

ALSO SEE: Webb Telescope Photographs Baby Stars Burping Out Gases For The First Time

Despite their visual grandeur, the precise mechanisms and triggers behind gigantic jets are still under investigation. What is known is that these jets help to balance electrical charges between different layers of the Earth’s atmosphere, playing a crucial role in maintaining the atmospheric electrical circuit.

For those interested in observing this phenomenon, a powerful but distant thunderstorm viewed from a clear vantage point offers the best chance.

As these jets typically shoot upwards from the storm tops into the ionosphere, they can often be seen from hundreds of kilometers away under the right conditions.

ALSO SEE: NASA Shares First Cosmic Image Of 2024 And It’s Exploding With Stars



Source link

Continue Reading

Trending

Copyright © 2023 Dailycrunch. & Managed by Shade Marketing & PR Agency