Flex Acquires Maza for $40M - Fintech M&A Update

Flex Acquires Maza for $40 Million to Expand Financial Services

Flex, a company specializing in personal finance software designed for business owners, has completed the acquisition of Maza, a financial application catering to Spanish speakers within the United States. The transaction, valued at $40 million, was reported exclusively to TechCrunch by both companies.

Initial Observations and Divergent Paths

The union of Flex and Maza initially appears unconventional. Flex concentrates on providing a unified software and payments infrastructure, enabling business owners to manage all financial aspects through a single application. Conversely, Maza initially focused on assisting Spanish-speaking individuals – including immigrants – with tasks such as opening bank accounts, obtaining debit cards, and securing Individual Taxpayer Identification Numbers (ITINs) for those in need.

Convergence Through Small Business Focus

The paths of these two organizations converged as Maza observed a significant portion of its user base comprised of small business owners and solopreneurs. Consequently, the startup shifted its development efforts towards business-oriented software specifically for its Spanish-speaking clientele and their ventures. This included serving businesses like landscaping companies, cleaning services, and construction subcontractors.

Maza’s Growth and Attractiveness

In 2024, Maza reported a substantial 290% year-over-year revenue growth rate and boasted a customer base of 250,000. This impressive scaling within the solopreneur market attracted the attention of Flex, who viewed Maza as a valuable entry point for its own offerings, as explained by Luciano Arango, co-founder and CEO of Maza.

Focus on the Individual Behind the Business

Flex has consistently been developing tools to address the needs of the individual operating the business. The company recognizes the importance of supporting the person behind the entrepreneurial endeavor.

Synergies and Strategic Alignment

As both companies increasingly targeted business owners with consumer financial needs, the distinctions between their services began to diminish. Zaid Rahman, founder and CEO of Flex, stated that combining forces offered a more efficient path to accelerated growth, effectively leaping from year zero to year ten in their development.

Future Plans and Integration

The founders anticipate that the merger will “accelerate” the execution of their “shared roadmap.” Maza will be rebranded as Flex Consumer, and its founding team – Arango, Robbie Figueroa, and Siggy Bilstein – will assume key executive positions within the newly combined organization.

A Logical Progression

Arango emphasized that the merger represents a natural progression, acknowledging the shared experience of founders grappling with fragmented financial tools. Both Maza and Flex were independently addressing the same core problem, but from different perspectives.

Customer Loyalty and Funding

According to Arango, the resilience and loyalty of Maza’s customer base were particularly noteworthy. This growth was fueled by a previously undisclosed $15 million Series A funding round secured in 2024, led by Wellington and including participation from Andreessen Horowitz (a16z), Tusk Venture Partners, Titanium Ventures, singer Anderson Paak, and Anré Williams, the former CEO of Amex Bank.

Financial Backgrounds

Since its establishment in 2022, Maza has raised a total of $24 million in equity funding. Flex, also founded in 2022, has secured $45 million in equity and $300 million in credit facilities, with the debt specifically allocated to its credit card offerings. As of March, Flex’s valuation stood at $250 million. Titanium Ventures spearheaded its most recent funding round, a $25 million equity raise announced in March.

Team Integration

A significant 95% of Maza’s 22-person team has been successfully integrated into Flex, which employed 64 individuals at the close of 2024.

Fintech M&A Trends

According to CB Insights’ State of Venture Q1 2025 report, merger and acquisition activity within the fintech sector has been increasing over the past two quarters. The fourth quarter of 2024 witnessed 191 global M&A transactions, followed by 184 deals in the first quarter of 2025. This represents an increase compared to the 143 fintech M&A deals reported in the third quarter of 2024.

Recent Fintech Acquisitions

Recent examples of activity in the sector include embedded finance platform Pipe’s acquisition of Glean.ai, a company specializing in “accounts payable with a brain,” for an undisclosed sum. Additionally, Checkr has entered into a definitive agreement to acquire Truework, a startup focused on income and employment verification.