When an immigrant first arrives in the U.S. they face a myriad of challenges. One of those core challenges is getting a bank account and becoming part of the financial system. Traditional banks find it very difficult to deal with these populations so, not surprisingly, fintech has come to fill in the gap.
My next guest on the Fintech One-on-One podcast is Magnus Larsson, the CEO and co-founder of MAJORITY. It is a fintech company founded by immigrants for immigrants that offers an all-in-one mobile banking solution tailored for new arrivals in this country. As you will find out they are offering far more than just a bank account.
In this podcast you will learn:
- The founding story of MAJORITY.
- Why Magnus moved back to the US.
- The mistake that big brands make when dealing with immigrants.
- Why traditional banks find it so hard to serve immigrants.
- MAJORITY's core product offerings.
- Why they work hard to build a community as well as a digital app.
- How they customize their products to serve each country's diaspora.
- Why they have opened physical locations in select cities.
- How they can open bank accounts without a social security number.
- Why they spent so much time choosing their bank partners.
- Details about their bank partnerships.
- The key to success as a niche digital bank.
- What it was like raising equity capital in 2022.
- The scale that MAJORITY is at today.
- Where they are on the journey to profitability.
- Their different sources of revenue.
- Magnus's vision for MAJORITY.
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