Maza Secures $8M Seed Funding to Boost Financial Inclusion for Immigrants
Los Angeles-based fintech startup, Maza, has successfully raised $8 million in seed funding to further its mission of helping immigrants access financial services in the United States. The company provides members with a U.S. tax ID and a bank account, enabling individuals without social security numbers to build wealth.
Each year, over a million people migrate to the U.S. in search of better opportunities. However, many immigrants are unable to accumulate wealth through the traditional U.S. financial system due to the lack of a social security number. Maza aims to eliminate this barrier with its mobile app and debit card offerings.
Maza works with the Internal Revenue Service through its Certified Acceptance Program to provide customers with individual taxpayer identification numbers. This service allows members to file taxes, build a credit score, obtain a driver’s license, and even purchase a home.
The company’s mobile app guides members through the tax ID application and renewal process. It also serves as a platform for banking services like sending and receiving money, cashing checks, and transferring money between accounts. Maza’s banking platform integrates with major payment platforms like PayPal and Zelle.
Maza also provides members with a Visa debit card, allowing them to access their money wherever Visa is accepted. The money deposited into Maza earns a high checking account interest rate, helping members build wealth over time.
Having operated in stealth for over a year, Maza’s app has already garnered 50,000 active members. The company, founded by second-generation immigrants, aims to help people across the country overcome financial barriers.
The fresh funding from lead investor Andreessen Horowitz will enable Maza to continue automating more of its tax ID and banking processes. It also plans to launch more features that bring customers closer to financial freedom.
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