Banking app for immigrants MAJORITY launches from beta

MAJORITY, a digital banking service specifically designed for immigrants has launched out of its beta test, letting anyone living in the US use the service.

Alongside the launch from beta, MAJORITY has released a features including direct deposits.

The new feature enables a user to get their paychecks paid directly into their MAJORITY accounts and can be accessed as soon as it is deposited by an employer. Users are able to get their paychecks up to two days earlier than non-members

MAJORITY has a $5 monthly subscription fee and provides consumers with an FDIC-insured account and Visa prepaid card. Account holders also receive access to 55,000 ATMs across North America.

Furthermore, there is a free remittance services to Nigeria, China, Kenya and Senegal. Plans are to expand this service to an additional 15 countries by the end of 2020, with it launching in Mexico in Spring.

The membership also includes free international calling to over 25 countries and native language advisors are available to provide support.

Its beta began in October 2019 with 1,000 customers and has since grown to 20,000 MEMBERS. The FinTech also has 5,000 subscription-based users, it claims.

MAJORITY CEO Magnus Larsson said, “Everyone should have equal access to the tools, support and information needed to build a better financial future for themselves and their families—regardless of their country of origin.

“More than half of the 68 million underserved in banking are people that have moved to this country. We exist to solve these problems so people can thrive and succeed faster!”

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