The neobank plans to use the fresh infusion of cash to grow its product offerings and expand its team – with a particular focus on hiring talent from the immigrant communities.
Majority offers a subscription-based mobile banking service in which it charges USD 5 per month to clients in exchange for an FDIC-insured bank account, debit card, fee-free early direct deposit, mobile credit, and at-cost international phone calls. It also provides a community on its app that helps individuals who have moved to the US learn about their environment and connect with familiar people.
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