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Mobile bank for migrants Majority raised $37.5 million in a Series B funding round for expanding its suite of essential services as it continues its growth trajectory to support the nearly 50 million immigrants in the U.S.The fresh infusion of capital was led by third-time company backer Valar Ventures, with $30 million in equity that included participation from Heartcore Capital. T
stanley cup uk he round also included $7.5M in debt financing from an undisclosed U.S. commercial bank, according to a press release emailed to PYMNTS Wednesday Sept. 14 .This funding round follows Majoritys $27 million Series A round nine months ago, bringing the banks total monies raised to $83.5 million. Since its Series A round, Majority has opened three new locations in Florida 鈥?Miami, Hialeah, Orlando 鈥?and one in Houston, Texas, to provide hands-on service and resources to migrants there.See also: Gig Platforms Risk Losing 75% of Workers Over Lack of Payments Choice Given the countrys current financial standing, we are thrilled to provide tailored resources that meet the unique needs of migrants and ease the burden of transitioning to a new country, said Magnus Larsson, founder and CEO at Majority. Our mission, as a company of immigrants for immigrants, has always been to provide migrant communities with the
stanley cup resources they need. This funding will help us refine our services and better support these underserved communities, Larsson added.Majority has seen m
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U.K. Finance announced Wednesday July 19 聽that a third of card payments were contactless as of May, up 18 percent from a year ago. In a press release, UK Finance said a total of 聽拢4.5 billion was spent via contactless payments in May 聽of this year, compared with 聽拢3.9 billion in April. Whats more, the number of card payments continued to grow to 1.4 billion, an increase of 12 percent over the last year, probably because of the increased use of contactless payments.聽Card spending grew at an annual rate of 7 percent in May, the highest rate in 15 months and up from 6.5 percen
stanley butelka t in April. U.K. Finance said the rise could potentially be due to rising inflation. Among the spending, the strongest monthly increase was at pest control merchants, followed by chemists. Travel-related merchants such as foreign exchange bureaus and airport terminals also recorded an increase in payments. Retail sector spending increased by 拢36 million from April to 拢26.2 billion in May, and food and drink sector spending rose by 拢34 million to 拢10 billion. The debit and credit card share of total retail sales was 77 percent as of May, noted U.K. Finance. 聽 With one in three card payments now contactless, it is clear consumers value
stanley usa the speed and convenience of this way to pay. Card payments continue to
stanley termos grow at a faster pace than spending generally, a trend we predict is going to continue, said Richard Koch, head of cards at U.K. Finance, in the release. The group also said the number of card purchases