MAJORITY, the mobile banking provider for migrants in the US, has unveiled a new physical meetup space in Laredo, Texas, to provide financial services and community aid for migrants crossing the border from Mexico.
MAJORITY has already opened four community spaces in migrant-dense cities throughout Florida and Texas. The new location in Laredo, the principal port of entry from Mexico and the largest inland port in the US, aims to further support Hispanic immigrants.
Over one thousand migrants arrive in Laredo each day. Upon arrival, they must ‘start from scratch’ socially, financially and professionally. In line with its presence in other existing locations, the meetup space in Laredo will enable immigrants to connect, share experiences and access social and financial resources along with financial advisors.
The new location also positions MAJORITY strategically at the base of The Gateway to the Americas International Bridge that crosses the Rio Grande, offering migrants the fastest path to a US bank account.
Magnus Larsson, founder and CEO at MAJORITY, said: “Through our expansion into Laredo, we are continuing to literally meet our customers where they are. As an immigrant myself, I experienced how hard it can be to seek out the services and support you need without being preyed upon or taken advantage of. In Laredo, we will help migrants begin their life in the US through community and financial literacy“.
Supporting a ‘diverse community as they seek to improve their lives’
To further integrate itself in the local community, MAJORITY has joined the Laredo Chamber of Commerce and has revealed its commitment to revitalising the city – by bringing increased foot traffic and an economic boost to the area.
The company, built by migrants for migrants, will also offer career opportunities for the Laredo region. All of the advisors in MAJORITY’s Advisor Program, a network of over 250 trained support staff nationwide, are immigrants, many of whom started out as a MAJORITY customer themselves.
Miguel Conchas, interim president and CEO of the Laredo Chamber of Commerce, also commented: “MAJORITY brings a wealth of opportunity to the city of Laredo even beyond its offering for migrants arriving from Mexico. We support MAJORITY’s efforts to build its presence here and enliven our city center. The new MAJORITY location will serve as a community meetup space where migrants and residents can find support, socially as well as financially. These services will help many in our diverse community as they seek to improve their lives”.
MAJORITY has also received $9.75million in funding from Valar Ventures and Heartcore Capital. With this funding, MAJORITY has now raised over $86million in equity. With new funding supporting the timing of its strategic expansion into Laredo, MAJORITY revealed it has plans for further growth along the United States and Mexico border.