Challenger bank Majority niches down to bank minority communities in the U.S.
- Challenger bank Majority aims to bank US migrants, with perks specifically appealing to this segment of the population.
- But building a range of services that are both community specific, and just plain old human-specific can be tricky.
People who move to the US, either permanently or temporarily, face a whole set of challenges when they land — and it goes way past figuring out that ‘tall’ means ‘small’ in Starbucks lingo.
Getting settled tends to come with a list of things to do, from letting loved ones back home know you’re safe and sound, to managing your finances, to dealing with a whole lot of bureaucracy.
Majority is a challenger bank that aims to make this whole process a little easier. In June, the company exited beta and became available across the US. The digital bank wants to be a one-stop shop that offers financial services tailored to people who want to settle down in the US but still easily connect with back home.
“We wanted to create all the services that are necessary today [when you move to a new country], but are usually at cost,” said Magnus Larsson, CEO and founder of the company.
Majority functions on a subscription model. Users pay $5 a month to access its services. Like other challenger banks, it offers a bank account, debit card, and early access to a paycheck. But it also has some services that are more specific to this consumer segment’s needs.
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