Flex, a fintech that helps business owners automate their back offices, has acquired Maza a fintech app aimed at Spanish-speakers in a $40 million deal.
Maza will rebrand as Flex Consumer, a new arm focused on helping business owners to manage their commingled personal and business finances and led by Maza founders Luciano Arango, Robbie Figueroa, and Siggy Bilstein.
Maza launched in 2022 to help Spanish speakers in the US secure financial products such as bank account and debit cards. However, the firm discovered that many of its users were small business owners, or solopreneurs, and began developing tools to help them with things such as automated entity formation, financial management, and payments.
This led to the company discussing a possible collaboration with Flex, which bundles various aspects of the back office into one finance super app to help firms seamlessly control finances.
The companies entered into an agreement to join their platforms and accelerate Flex’s development of owner-owned software for individuals and their businesses.
The deal also sees an additional $10m Investment from Wellington, which led a previously unannounced $15 million Series A investment in Maza.
“Maza was building the best onramp for ambitious business owners to start businesses and a suite of consumer fintech products. Flex strategically bridges both the business and consumer use cases in a cohesive all in one finance platform for business owners by combining the Flex and Maza products,” says Zaid Rahman, CEO, Flex.