Migrant-focused neobank Majority secures $20M, & signals strong growth 🚀; MercadoLibre seeks banking license in Mexico 😳🇲🇽; New CFPB rule brings BNPL under Credit Card regulations 😲💳

FinTech is Eating the World, 22 May

Hey Everyone,

Good morning & happy Thursday! Today’s issue is especially interesting as we’re looking at migrant-focused neobank Majority securing $20M (& why the challenger bank is poised for strong growth), MercadoLibre that’s seeking a banking license in Mexico (why it matters + a deep dive into the Amazon of LatAm & why you should be really bullish), and the new CFPB rule that brings BNPL under Credit Card regulations (what it’s all about & why it matters + a bonus deep dive into BNPL giant Affirm & why you should be watching it very closely). Let’s just jump straight into the amazing stuff 🌶

Migrant-focused neobank Majority secures $20 million, and signals strong growth despite FinTech slowdown 🚀

The news 🗞️ Majority, a Miami-based neobank catering to immigrants in the United States, has raised $20 million in a mix of equity and debt financing.

The funding round, led by notable FinTech founders such as Klarna's Victor Jacobsson and Swedish entrepreneur Hjalmar Winbladh, highlights the company's impressive growth trajectory despite a general slowdown in consumer-focused FinTech funding.

Let’s take a look at this and see why it matters.