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 who 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, and construction subcontractors, among others.
In 2024, Maza said it was scaling revenue at a 290% year-over-year growth rate and had 250,000 customers.
The scale that Maza experienced in the solopreneur segment caught the attention of Flex, which saw it as a gateway for Flex’s own offering, noted Luciano Arango, co-founder and CEO of Maza.
Over time, Flex has been building tools to serve the person behind the business.
“As both companies gravitated toward the same user — business owners with consumer needs — the lines between the two began to blur,” said Flex founder and CEO Zaid Rahman. “Rather than build a parallel product, it made more sense to combine forces and scale from day zero to year ten.”
As a combined company, the founders hope to “accelerate” their “shared roadmap,” said Rahman.
Maza will rebrand as Flex Consumer, and Maza’s founders — Arango, Robbie Figueroa, and Siggy Bilstein — will take on executive roles within the combined entity.
“As founders, we’ve felt the pain of fragmented financial tools. Maza and Flex were building from opposite ends of the same problem,” Arango said. “Joining forces was the logical next step.”
Maza’s pivot was a natural one, according to Arango.
“What surprised us most was how durable the customer base became,” Arango added.
So Maza continued building in that direction, using the proceeds of a previously undisclosed $15 million Series A round of funding that it raised in 2024. Wellington led that round, which included participation from existing and new backers such as Andreessen Horowitz (a16z), Tusk Venture Partners, and Titanium Ventures, as well as singer Anderson Paak and the former CEO of Amex Bank, Anré Williams.
Since its 2022 inception, Maza has raised a total of $24 million in equity. Also founded in 2022, Flex has secured $45 million in equity and $300 million in credit facilities with the debt exclusively funding its credit card offering. Flex was valued at $250 million as of March. Titanium Ventures led its last raise, a $25 million equity round announced in March.
Ninety-five percent of Maza’s 22-person team has been integrated into Flex, which had 64 employees at the end of 2024.
Merger-and-acquisition deals in the fintech sector have picked up in the last two quarters, according to CB Insights’ State of Venture Q1 2025 report. In the fourth quarter of 2024, the sector saw 191 global M&A transactions. And in the first quarter of 2025, it saw 184 M&A deals. By contrast, there were 143 fintech M&A deals reported in the third quarter of 2024.
More recently, embedded finance platform Pipe acquired Glean.ai, which marketed itself as “accounts payable with a brain,” for an undisclosed amount. Checkr also recently signed a definitive agreement to acquire Truework, an income and employment verification startup.
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Revolut, the $45 billion neobanking startup founded in the U.K., may have put its IPO plans on ice, but its balance sheet is looking pretty hot.
The company reported net profit of $1 billion (£790 million) in 2024, while its customer base grew by 38% to 52.5 million, according to its annual report. Revenues increased 72% to $4 billion (£3.1 billion) in the year.
The message here is one of strong growth overall.
This is Revolut’s fourth straight year of being in the black. 2024 was a big year for the company – its net profit more than doubled what it earned in 2023 ($428 million), and it finally secured a banking license in its home market of U.K., which is its biggest. It moved up to a $45 billion valuation on the back of a big secondary share sale. And it launched a crypto exchange, Revolut X.
Some have thought the exchange would be a precursor to Revolut launching its very own stablecoin. From what we understand, it will span multiple jurisdictions beyond Europe and its MiCA crypto region, and it’s taking some time to set up as a result of that complexity.
The company didn’t break out revenue numbers for Revolut X specifically, but it’s looking like a bit of a juggernaut. The exchange is part of Revolut’s Wealth group, which saw revenue grow 298% to $647 million from just $158 million in 2023. Wealth, which also includes revenue from its savings products, is now the second-largest part of Revolut’s business after the cut it makes on card payments (that business was up 43% to $887 million last year).
“2024 was a landmark year for Revolut,” said CEO and co-founder Nik Storonsky (pictured above), in a statement. “We not only accelerated our customer growth, welcoming nearly 15 million new users globally, but critically, we also saw customers engaging more deeply by adopting a wider range of our services across both our retail offering and Revolut Business.”
Looking ahead, the company said two of its biggest priorities for 2025 will be to “formally” launch banks in the U.K. and Mexico (on the back of its licenses) as well as to double its customer base to 100 million.
That’s much more positive news than the recent revelation that Rippling is suing Revolut to disclose who transferred money to the so-called “Deel Spy,” allegedly seeded in Rippling’s ranks to report on internal workings.
That new crypto exchange could end up playing a role there. Revolut has found it challenging to break into the U.S. market up to now, but the U.S. government’s moves to free up activity around cryptocurrency could pave the way for Revolut to drive up users through the newer products.
That could also help Revolut close the deal on new financing, too, following reports that it might be approaching another share sale at a $60 billion valuation, on top of launching that stablecoin.
Revolut declined to comment on future secondary fundraises, and was equally non-committal on the subject of a public offering.
“We have no immediate plans or timeline to announce regarding an IPO,” a spokesperson said. “Our current focus is firmly on executing our strategy – driving growth, expanding globally, and continuing to innovate for our customers.”
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