Magnus Larsson, CEO and Founder of MAJORITY, the leading digital bank and community membership for immigrants living in the United States, spoke with Efma’s Boris Plantier about his bank’s offering that is tailored to the unique needs of the migrant community.
The demographics of neobank users are often surprising; it is not only young people who are signing up, but also older age brackets. What is the standard profile of your target customer? What has been key to your customer acquisition success?
MAJORITY works to serve the 50+ million migrants living in America with uniquely tailored banking services and community resources specifically designed to meet the needs of immigrants. We work by meeting our customers where they live, in areas with high migrant populations. We’ve opened two meetup spaces in Houston, Texas and Miami, Florida to create welcoming spaces for members of the community to connect and access support. Unlike a traditional bank, these hubs provide members with a place to connect, share their stories and ask questions surrounding personal finance, budgeting, life in the U.S. and more. We also offer digital resources, including the easily accessible Migrant Handbook to provide an all-in-one guide to living in a new country. Last year, MAJORITY expanded its services to migrants in all 50 states, and just recently, we opened up our services to users without U.S. documentation (such as a Social Security number). Now, migrants can register and receive banking services using only an international government-issued ID and proof of U.S. residence.
