No SSN, no drawback, says Maza, a fintech startup focused on undocumented immigrants

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Whilst there are a large number of fintech corporations providing virtual banking products and services to numerous demographics, there was one section of the inhabitants that has traditionally been underserved much more than others: the undocumented immigrant.

As a result of undocumented immigrants lack Social Safety numbers, it may be tough if no longer not possible to get admission to regular banking products and services. A startup referred to as Membership determined to lend a hand clear up this drawback.

Whilst a number of fintech startups goal to serve immigrants basically (Welcome Applied sciences, Majority, TomoCredit are examples), Maza says its primary differentiator is that it supplies immigrants with an Particular person Tax Identity Quantity (ITIN), connecting at once with IRS-certified acceptance brokers automate the tax ID procedure for purchasers. Without equal purpose, notes the co-founder and COO Robbie Figueroa, is to free up get admission to to the remainder of the United States monetary device and keep away from non-traditional (and once in a while predatory) approaches to finance, similar to mortgage sharks and pawnbrokers.

Maza shoppers are instantly supplied with a US checking account and debit card. The corporate says that since its participants even have a tax ID, they are able to get started construction a credit score historical past and observe for loans. Having a checking account additionally lets them obtain bills from employers and record taxes. With Maza, shoppers with out an SSN can get admission to credit score and, due to this fact, increase a credit score historical past so they are able to do such things as get a automotive or house mortgage. The startup additionally claims to supply tough peer to see fee capability.

At the backend, Maza says it manages their taxes to make sure they keep compliant, even going as far as to routinely renew their monetary ID for them.

Since its inception in 2022, the 15-person Los Angeles-based startup has grown to have 50,000 customers (every paying $150 a 12 months for get admission to) on its platform, permitting $41 million in virtual bills up to now .

Maza’s distinctive style stuck the eye of Andreessen Horowitz (a16z), who lately led the corporate’s $8 million preliminary investment spherical. Different proponents come with SV Angel, Field Workforce, Restive Ventures, World Founders Capital, Summary Ventures and a gaggle of angel buyers together with American Categorical Nationwide Financial institution CEO Anr Williams and Plaid co-founder William Hockey.

Although her overall target audience is the greater than 15 million immigrants residing in the USA, Maza says her center of attention is at the Latino or Spanish-speaking inhabitants.

Consumers move from undocumented to partly documented, Maza co-founder and CEO Luciano Arango advised TechCrunch in an interview.

Arango and Figueroa themato with Siggy Bilstein (CTO) to begin Maza after gazing their very own oldsters combat as immigrants to the USA (the trio are a mixture of Colombian, Peruvian, Brazilian and Ecuadorian ancestry).

Symbol credit: Membership

Like many fintechs providing virtual banking products and services, Maza isn’t a financial institution itself. It is in a position to be offering its products and services with out requiring an SSN via partnerships with Visa and Blue Ridge Financial institution. The corporate’s banking product gives intensive fee capability, in addition to integrations with all main fee platforms, together with PayPal, Zelle, Venmo, and CashApp. What is extra, cash deposited in Maza, the corporate says, earns one of the vital absolute best rates of interest on checking accounts, an effort to lend a hand its participants develop their wealth over the years.

Apparently, whilst Maza is also a virtual financial institution, its advertising and marketing efforts are basically centered offline. The corporate has had good fortune focused on smaller, high-density Latino neighborhoods in markets like South Florida, Washington Heights, New York, and japanese Los Angeles with campaigns that come with posting bulletin forums in church buildings. It additionally advertises on Google, however Arango says maximum of its expansion up to now has been natural.

Longer-term, Maza’s purpose is to extend into credit score building and past the USA as a result of, as Arango stated, all the international does not have a Social Safety quantity.

Symbol credit: Membership

We would like as a way to get folks into the United States monetary device regardless of the place they’re, added Arango, who additionally up to now co-founded after which bought ScopeAI, which was once received by means of ObserveAI in 2021.

We are doing extra than simply offering a checking account, we are in point of fact giving immigrants a solid and criminal monetary basis from which to construct credit score and indefinite wealth, Figueroa stated.

Andreessen Horowitz’s spouse Seema Amble stated Maza’s thesis is one thing a16z has been occupied with for a very long time.

Writing by means of electronic mail, he stated: There’s a massive hole between regular monetary get admission to and the Latino inhabitants in the United States (which is nineteen% of the United States). And product wishes do not simply imply translating current merchandise into Spanish, however providing them a suite of goods that have compatibility their existence and paintings.

Banking merchandise don’t seem to be obtainable to maximum Latinos, Amble added, however no longer basically on account of a language barrier.

Wrote: First they’re additionally blocked from having access to those merchandise. Maza recognized the true ache level, the loss of SSNs, and created a product that unlocks the entirety from bills, credit score and mortgages with out leaving the app. In comparison to probably the most different startups, Maza has centered in this core ache level and needs to proceed providing merchandise adapted to the neighborhood, slightly than simply providing any other card product advertised to Latinos.