Flex acquires a16z-backed Maza for $40M as fintech M&A heats up

Flex, a startup that offers personal finance software for business owners, has acquired Maza, a finance app aimed at Spanish speakers in the U.S., for $40 million, the companies told TechCrunch exclusively. At first glance, the pairing may seem a bit curious. Flex’s software and payments infrastructure is to help business owners have a single app to conduct all their finances. Maza started out helping Spanish-speaking consumers – immigrants included – do things like open a bank account, get a debit card, and provide those that needed it with an individual tax identification number (ITIN). So how did the mission of these two companies intersect? Over time, Maza realized that many of the users of its app and services were actually small business owners, or solopreneurs. So the startup focused on developing business software for its Spanish speaking customers and their small businesses, running part of their operations on its tech stack. Examples included landscapers, cleaning services ... Read full article.