Led by "a group of seasoned fintech founders," the platform raised $12.5 million in equity and $7.5 million in debt in its fifth investment round.

These investors include the co-founders of Izettle, Magnus Nilsson and Jacob de Geer, Hjalmar Winbladh of Ark Kapital, and Victor Jacobsson of Klarna. Venture capital companies Avid Ventures, Valar Ventures, and Heartcore Capital all contributed further funds.

Prior to coming back in June to provide a $9.75 million top-up, these two latter VCs had previously funded the platform's Series B funding round in September 2022, during which Majority raised $37.5 million. As of right now, Majority says it has raised over $90 million in equity since its establishment in 2019.

According to the site, the financing will be used to "further expand the product by developing its global immigrant-focused offering" and is the last phase in its "push towards profitability."

Majority offers debit cards, bank accounts, retail discounts, international calling, and money transfer services that are particularly designed for the 50 million immigrants who now reside in the United States for $5.99 per month. Upon logging in, users can activate their service using their individual taxpayer identity number (ITN) or, in the event that neither is available, a government-issued picture ID and proof of residency.

According to data from April 2024, the platform presently brings in $200 million in new deposits each month and produces $40 million in annual recurring revenue (ARR).

The firm has appointed Abhi Pabba, a former Apple credit risk manager, as its new chief risk officer in order to assist its development. Pabba formerly worked for companies including Capital One, X1 credit card platform, and most recently Karat Financial in risk management roles.