See the Pitch Deck That Fintech Startup Maza Utilised to Raise $8 Million

• Maza is a new startup that assists immigrants to the US get financial identities. 
• The company desires to make it much easier for immigrants to get paid, fork out taxes, and develop credit. 
• Now, Maza has just elevated $8 million in seed funding from investors like Andreessen Horowitz. 

For Maza cofounders Luciano Arango, Robbie Figueroa, and Siggy Bilstein, setting up a banking startup for immigrants to the United States was additional than a company possibility — it was particular. 

Growing up as the children of immigrants, they all saw the complications their parents faced when seeking to make a living in the US. They watched their mom and dad wrestle with opening financial institution accounts and submitting taxes without social stability figures, which built their situation in the nation sense even additional unstable.

Arango, Maza’s CEO, told Insider that his mother and father had been undocumented when they first arrived to the US, and his father was deported when he was eight-several years-previous, leaving his mom with the stress of handling his family’s funds. “My total dream in life was to arrive again and resolve that,” he explained. 

In 2021, the time was proper for Arango to start a startup that could assist immigrants safe economic identities in the US by tying the course of action to opening a financial institution account. He teamed up with his longtime organization companion Robbie Figueroa, with whom he was running the startup incubator Dwelling AI, to target on this job comprehensive time. He also introduced in Bilstein, his old engineering manager from his times doing work at LinkedIn, as a cofounder and CTO. 

A year and a 50 % later on, and Maza has raised $8 million in seed funding led by Andreessen Horowitz. SV Angel, Box Group, Restive Ventures, World Founders Funds, and a number of angel investors such as Anré Williams, CEO of American Categorical Nationwide Lender, and William Hockey, cofounder of Plaid, also participated in the spherical. 

When many fintech providers pitch them selves as banking solutions to underbanked populations, Maza sets alone apart with its concentration on id verification for immigrants who normally would not have entry to fundamental monetary companies. On Maza, prospects open a bank account by verifying their id on-line by means of an worldwide passport verify. Then, the moment the account is accredited and open up, a purchaser will immediately get a particular person taxpayer identification amount, or ITIN, that can be a substitute for a social security amount for a lot of other services. 

“This method would usually consider upwards of 4 months to do,” stated Figueroa. “Correct now, you’d have to actually mail your passport to the governing administration to do this. Rather, we automate becoming in a position to confirm your identification while intercontinental database checks with your passport.” 

Maza’s most important income driver is its ongoing membership pricing for premium banking, which costs all over $150 a yr. Prospects will have obtain to Maza’s banking expert services, which involve card companies, verify deposit, and tax solutions. The corporation also has partnerships with US credit card corporations and loan servicers, like Money A single and Wells Fargo, that its buyers can sign up for after opening a Maza account. 

Andreessen Horowitz spouse Seema Amble agreed to direct the startup’s seed round immediately after conference with the group. She was impressed with their novel, identity-based system for finding and retaining customers. 

“Attaining success in the US can take far more than mere residency,” claimed Amble.  “The vital is to actively take part in the no cost marketplace. Maza has recognized a significant need here in the US and we are thrilled to support them tackle it in a significant way.” 

Now, the workforce has 13 comprehensive-time US staff members and 15 in Colombia, alongside with over 50,000 buyers. Down the road, however, the cofounders visualize Maza as an “identification” organization somewhat than a banking corporation, akin to Apparent in airports, reported Arango. “We can enable everyone throughout the entire world access the US fiscal technique.” 

Look at out the 14-slide pitch deck that Maza used to elevate $8 million in seed funding: (Observe: specific proprietary facts has been redacted.)