MAJORITY, an immigrant-focused neobank, has raised USD 20 million in funding, comprising USD 7.5 million in debt and USD 12.5 million in equity as part of a Series B extension.

The equity funding was led by Victor Jacobsson (co-founder of Klarna) and Hjalmar Winbladh (a Swedish serial entrepreneur), with participation from Valar Ventures, Heartcore Capital, and Avid Ventures, among others. The debt financing was secured from an undisclosed bank. To date, the total capital raised by the company amounts to USD 113 million.

The company plans to use the funds to improve and expand its product line, focusing on assisting its customers in establishing and improving credit scores and attaining access to credit products.

Over the past year, MAJORITY has witnessed significant growth, with its revenue multiplying by 3x and its customer base by 2x. In April 2024, the company achieved USD 40 million in recurring annual revenue and USD 200 million in monthly deposits.

Analyst QuickTake: MAJORITY’s previous funding round occurred in June 2023 , when it raised USD 9.75 million in Series B extension. The funds were primarily used to establish its presence in Laredo, Texas, and to expand along the US-Mexico border.