Venture-backed Fintech Maza Financial Acquired by Flexbase Technologies for $40 Million

Flexbase Technologies Inc. acquired Los Angeles-based fintech Maza Financial Inc. for $40 million on April 24. The vast majority of Maza’s 22-person team joined Flex, a B2B fintech brand operated by the company, as part of the deal.

Maza began as a financial app to help Spanish-speaking consumers in the U.S. open bank accounts. Many users were small business owners who operated solo businesses in fields such as landscaping and cleaning, so it developed tools for this customer base. A year prior to the acquisition, Maza raised an unannounced $15 million venture capital round led by Wellington, with additional funds from Andreessen Horowitz (a16z), Tusk Venture Partners and Titanium Ventures.

“We noticed several customers were actually running businesses, so we began building tools to empower their operation,” says Luciano Arango, co-founder and chief executive of Maza, in a statement.

Information for this article was sourced from Flex.