Shantel
Key Takeaways:
- Maza, a financial platform dedicated to providing immigrants with the financial identities they need to achieve their American Dream, has raised $8 million in a seed round led by Andreessen Horowitz. Additional participants include SV Angel, Box Group, Restive Ventures, Global Founders Capital, Abstract Ventures, as well as notable independent investors such as Anre Williams, CEO of American Express National Bank, and William Hockey, Co-founder of Plaid.
- With over 15 million immigrants in the U.S. lacking a Social Security number (SSN), Maza addresses the financial challenges faced by this demographic. Immigrants are often pushed into non-traditional and predatory financial practices due to their exclusion from the traditional financial system. Maza’s suite of financial services products automates a U.S. tax presence for immigrants, providing them with a U.S. Tax ID and a bank account. This enables them to receive payments, file taxes, access credit, and build wealth, while developing a credit history without an SSN.
Enabling Financial Freedom for Immigrants
Maza recognizes the financial disadvantage faced by individuals who have immigrated to the U.S. Even those with well-paying jobs and high education levels may become targets of predatory lending and exploitative financial products. Maza aims to equip immigrants with the necessary financial identity to pursue their unique American Dream.
Maza collaborates directly with the IRS through their Certified Acceptance Program to obtain Individual Taxpayer Identification Numbers (ITINs) for its members. ITINs allow members to file taxes, establish credit, obtain driver’s licenses in many states, and even purchase homes.
Partnerships and Modern Banking Experience
Maza’s financial platform offers members a modern banking experience in partnership with Visa and Blue Ridge Bank, without requiring an SSN. The banking product features extensive payment functionality and integrates with major payment platforms such as PayPal, Zelle, Venmo, and CashApp. Maza provides one of the highest checking account interest rates, allowing members to grow their wealth.
“Maza identified a significant need in the U.S., and we’re excited to support them in addressing it,” said Seema Amble, Partner at Andreessen Horowitz. “Success in the U.S. goes beyond residency; active participation in the free market is key. With Maza, we believe immigrants can establish a solid financial foundation for a prosperous life in America.”
About Maza
Maza, founded in 2022, is dedicated to providing financial identities to U.S. immigrants. The company’s identity solution encompasses access to credit, FDIC-insured banking, and the establishment of a U.S. tax presence. Built by second-generation immigrants, Maza brings the American Dream closer to reality for each of its customers.
To learn more about Maza and its innovative solutions, please visit their website: withmaza.com.
