Flex Acquires $40M a16z-Backed Maza: A Major Move in Fintech M&A Surge
In a significant move within the fintech landscape, Flex, a dynamic startup known for its personal finance software tailored for business owners, has successfully acquired Maza, a finance application that caters to Spanish-speaking individuals in the United States. The acquisition, valued at $40 million, highlights the growing intersection of finance and technology, as reported exclusively by TechCrunch.
The Strategic Alignment of Flex and Maza
At first glance, the merger may seem unusual. Flex’s software is designed to streamline financial management for business owners, while Maza initially focused on assisting Spanish-speaking consumers, including immigrants, with services such as:
- Opening bank accounts
- Obtaining debit cards
- Providing Individual Tax Identification Numbers (ITIN)
Maza’s Transition to Business Solutions
As Maza evolved, it recognized that a significant portion of its user base comprised small business owners and solopreneurs. This realization prompted Maza to pivot towards developing business solutions for its Spanish-speaking clientele, including sectors such as:
- Landscaping
- Cleaning services
- Construction subcontracting
In 2024, Maza reported impressive growth, achieving a 290% year-over-year revenue increase and amassing a customer base of 250,000.
Why Flex Chose to Acquire Maza
Luciano Arango, co-founder and CEO of Maza, noted that the rapid growth in the solopreneur segment caught Flex’s attention. Flex viewed this acquisition as a strategic entry point for expanding its offerings.
Flex’s CEO, Zaid Rahman, emphasized the convergence of both companies’ goals: “As we targeted the same user — business owners with consumer needs — it became clear that merging our efforts would allow us to scale more effectively from the outset.”
Future Plans for the Combined Entity
With the merger, Maza will be rebranded as Flex Consumer. The founders of Maza — Arango, Robbie Figueroa, and Siggy Bilstein — will assume key executive roles in the newly formed company.
Arango expressed the rationale behind the merger: “As founders, we’ve experienced the challenges posed by fragmented financial tools. Both Maza and Flex were addressing the same problem from opposite ends, making this partnership a logical progression.”
Maza’s Growth and Funding Journey
Maza’s transition towards business solutions has proven to be successful, with Arango noting the resilience of its customer base. In 2024, Maza secured $15 million in a Series A funding round led by Wellington, with participation from notable investors including Andreessen Horowitz (a16z), Tusk Venture Partners, Titanium Ventures, and even celebrity backer Anderson Paak.
Since its launch in 2022, Maza has raised a total of $24 million in equity. Meanwhile, Flex, also founded in 2022, has raised $45 million in equity and secured $300 million in credit facilities, primarily to support its credit card offerings. As of March, Flex was valued at $250 million.
Integration and Team Expansion
As a result of the merger, approximately 95% of Maza’s team, which originally comprised 22 employees, has been integrated into Flex, which had a workforce of 64 at the end of 2024.
The Fintech Landscape and Future Outlook
Recent trends indicate a rise in merger-and-acquisition activity within the fintech sector. According to CB Insights’ State of Venture Q1 2025 report, there were 191 global M&A transactions in the fourth quarter of 2024, followed by 184 deals in the first quarter of 2025, compared to 143 in the third quarter of 2024.
In a related development, the embedded finance platform Pipe acquired Glean.ai, while Checkr has entered into an agreement to acquire Truework, showcasing the vibrant landscape of fintech expansion.
