There are over 15 million immigrants in the U.S. and many of them are high earners, but they are blocked from joining the country’s traditional financial system due to a lack of a Social Security number (SSN). This is why many of them are pushed into non-traditional and often predatory forms of finance like check cashers, loan sharks, and pawnbrokers.
In order to solve this major problem, Maza – a financial platform designed to provide immigrants with the financial identities they need to realize their American Dream – announced an $8 million seed round led by Andreessen Horowitz with additional participation from SV Angel, Box Group, Restive Ventures, Global Founders Capital, Abstract Ventures, and a group of independent investors including Anre Williams, CEO of American Express National Bank, and William Hockey, Co-founder of Plaid.
The company’s suite of financial services products offers a gateway to U.S. financial freedom by automating a U.S. tax presence for immigrants. And Maza customers are given a U.S. Tax ID and a bank account, enabling them to receive payments from employers, file taxes, access credits, and build wealth. Plus with Maza, customers without SSNs can now develop a credit history – opening the door to options like car and home loans — while ensuring that earnings are appropriately accounted for within the U.S. tax system.
Maza works directly with the IRS – through their Certified Acceptance Program – to obtain Individual Taxpayer Identification Numbers (ITINs) for its members. Obtaining an ITIN allows members to file taxes, build credit, obtain a driver’s license in many states, and even purchase a home.
The company’s financial platform also offers members a modern banking experience in partnership with Visa and Blue Ridge Bank without requiring an SSN. And the company’s banking product features broad payment functionality, as well as integrations with all major payment platforms, including PayPal, Zelle, Venmo, and CashApp. The money deposited in Maza earns one of the highest checking account interest rates, helping members grow their wealth.
Maza has been operating in stealth for over a year with 50,000 active members already utilizing the platform, several of which are now utilizing their Identity product to mortgage a home.
KEY QUOTES:
“As descendants of Latin American immigrants, my co-founders and I are building the company our parents needed. Individuals who have moved to the U.S. are often at a financial disadvantage. Even those who are highly educated and already have well-paying jobs may become targets of predatory lending and exploitative financial products. Anyone who is seeking to achieve their unique American Dream needs a financial identity, and that’s where Maza comes in.”
— Luciano Arango, CEO and Co-Founder of Maza
“Maza identified a massive need here in the U.S. and we’re thrilled to help them address it in a meaningful way. Attaining success in the U.S. takes more than residency; the key is to actively participate in the free market. With Maza, we believe immigrants can finally forge a solid financial footing to foster a prosperous life in America.”
— Seema Amble, Partner at Andreessen Horowitz
“Coming to the U.S. shouldn’t mean sacrificing your financial freedom or well-being. Folks from abroad are looking to establish their foundation from day one, but even with capital, the US financial system can feel like an endless maze. With Maza, we’ve simplified this journey for tens of thousands of customers.”
— Robbie Figueroa, COO and Co-Founder of Maza
“Moving from another country to the U.S. has a huge number of obstacles, and simple things like getting paid shouldn’t require jumping through hoops.”
— Siggy Bilstein, CTO and Co-Founder of Maza
