FinTech News
Small Business FinTech Flex to Merge with Maza
Two FinTechs are joining forces as part of an expansion from small business to consumer finance.
About Flex’s Acquisition of Maza:
In a strategic move, Flex recently announced that it would be acquiring Maza. As a result, Maza will rebrand to Flex Consumer. This will continue Flex’s initiative to allow business owners to “commingle” their personal and business finances in one place. While not stated in the press release, Crunchbase reports that the deal is valued at $40 million.
Ahead of this acquisition, Maza raised an additional $10 million from Wellington. This funding joins a previously unannounced $15 Series A. That round was also led by Wellington and included participation from Andreessen Horowitz, Tusk Venture Partners, Titanium Ventures, and individuals such as Anderson Paak and Anre Williams.
As for Flex, last month, it announced $225 million in funding. This included a $25 million Series A led by Titanium Ventures as well as a $200 million credit facility from Victory Park Capital.
After the closing of the merger, Maza’s founders Luciano Arango, Robbie Figueroa, and Siggy Bilstein will serve in executive roles at Flex. Additionally, the head of Wellington Access Ventures Jackson Cummings will join Flex’s board of directors as an observer.
What They’re Saying:
Discussing the acquisition, Flex founder and CEO Zaid Rahman said, “Maza was building the best onramp for ambitious business owners to start businesses and a suite of consumer FinTech products. Flex strategically bridges both the business and consumer use cases in a cohesive all in one finance platform for business owners by combining the Flex and Maza products.”
Meanwhile, Maza CTO and co-founder Siggy Bilstein stated, “In an AI-driven world, Flex is setting the standard for what owners expect from their software. I’m excited for how Maza as a combined force is already helping accelerate that,” with Luciano Arango adding, “We’re excited to empower Maza users with business financing while introducing consumer offerings for Flex business owners.”
My Thoughts:
This seems like a natural match and a logical merger for two FinTechs. It also sounds like a promising platform for small business owners who want to manage their personal finances alongside their business expenses. Having said that, I’ll admit that I was a bit confused reading Flex’s press release as their previous announcement already mentioned this idea of co-mingling finances. However, I suppose this deal was already in the works then and only furthers that initiative.
Between Flex’s big funding news last month and now this acquisition of Maza, the company has proven itself to be one to watch — especially as a combined entity.
Author
Other Articles by Kyle Burbank
FinTech News
Credit Card News
Frontier Airlines Re-Ups, Expands Partnership with Barclays
Frontier and Barclays have extended their long-standing co-branded credit card partnership. About the Frontier-Barclays Partnership Renewal: This week, Frontier Airlines and Barclays US Consumer Bank announced that they'd reached a long-term renewal deal. In doing so, the companies reaffirmed a commitment to expand the value of the Frontier Airlines World Mastercard as well as the overall Frontier Miles program. The two companies have worked together for more than two decades....
Personal Finance News
