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Fintech Apps Have Gained Users Through Alternative IDs

Apps have expanded financial access for users without Social Security numbers by accepting foreign IDs.

Updated on Sept. 21, 2026 in Language Learning

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Fintech startups are expanding banking access in the United States by allowing users to open accounts using alternative identification like consular cards. AI Illustration. Upload story photo >

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Do you trust banking apps that do not require a Social Security number with your money?

Fintech startups are gaining traction across the United States by offering banking services to individuals who lack traditional Social Security numbers. These platforms target a significant segment of the population that remains excluded from the conventional banking system.

Why it matters

Traditional financial institutions typically mandate Social Security numbers for account opening, leaving many cash-paid workers without basic banking access. These apps aim to bridge that gap by accepting alternative identification methods like ITINs and consular cards.

Común has secured 276,000 open accounts and a $200 million valuation. Users can deposit cash at 88,000 retail locations nationwide, while Majority charges a flat $5.99 monthly fee for its services.

The players

Común

This New York-based fintech startup provides banking services to immigrants and was named to the 2026 Forbes Fintech 50 list.

Majority

Based in Miami, this banking startup offers services specifically designed for the immigrant community.

Seis

This former immigrant-focused banking startup ceased operations in January 2026 due to the loss of payment network access.

The details

Platforms such as Común have raised $49.5 million in total funding to support operations that serve cash-paid workers. While these apps see growth, the sector remains volatile, evidenced by the closure of competitor Seis in early 2026 after it lost access to a payment network.

Timeline

  1. Común raised a $4.5 million seed round in 2022.

  2. Común secured $22 million in Series A funding in 2024.

  3. Remittances to Latin America and the Caribbean hit $168.6 billion in 2025.

  4. Común raised $19.5 million in October 2025.

  5. Seis shut down its operations in January 2026.

Culture Shift

The emergence of these platforms tracks with the documented reality that 12% of Hispanic adults in the United States do not have a bank account. This move represents a shift toward specialized digital finance as firms look to serve populations historically ignored by traditional banks.

These apps allow users to deposit cash at 88,000 retail locations, simplifying the process of managing income for those without traditional bank access. For many, this removes the need for expensive check-cashing services while standardizing monthly costs through flat-fee structures.

The takeaway

While these digital banking solutions are currently gaining users, the instability of the startup market highlights the risks involved in this niche. Consumers should verify the long-term reliability of these platforms before moving their primary financial activities to a new app.

Further reading

For more on the financial habits of immigrant communities, visit the Language Learning section.

Source note: This article includes information reported by Latin Times.

Live Poll

Do you trust banking apps that do not require a Social Security number with your money?