MAJORITY offers a mobile banking platform that allows migrants to open accounts in the U.S. without a Social Security Number, facilitating money transfers, top-ups, and international calls. The service provides measurable benefits such as cashback on debit card purchases and free calls to over 20 countries, addressing the financial inclusion needs of underserved communities.
Funding
$120.8M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
HWVJFounders
Product
Problem
Migrants often face challenges in accessing traditional banking services in the U.S. due to the requirement of a Social Security Number (SSN), which can create barriers to financial inclusion. This lack of access limits their ability to manage finances effectively, send money home, and connect with loved ones internationally.
Solution
MAJORITY provides a mobile banking platform designed specifically for migrants, enabling them to open accounts in the U.S. without needing an SSN. The platform offers a comprehensive suite of financial tools, including a debit card with cashback rewards, affordable money transfer services, and cost-effective international calling plans. By removing the SSN requirement and offering tailored services, MAJORITY aims to empower migrants with accessible and convenient financial solutions.
Target Audience
The primary target audience is migrants residing in the U.S. who may lack a Social Security Number or face difficulties accessing traditional banking services.
Features
- Mobile banking account opening without a Social Security Number (SSN)
- MAJORITY debit card with cashback rewards on select purchases
- International money transfers to various countries
- Mobile top-ups for prepaid phone plans
- Free international calls to over 20 countries
- Multilingual customer support
- FDIC insured accounts