Mazlo Raises $4.6m for Nonprofit Banking

September 15, 2025 • FinTech News
Mazlo Raises $4.6m for Nonprofit Banking

San Francisco-based FinTech Mazlo has raised $4.6 million in funding to expand its compliance-focused banking platform designed specifically for nonprofit organizations. The investment round included participation from Westbound Equity Partners, super{set}, Social Good Fund, Andreessen Horowitz (a16z), Charles Oppenheimer, and various friends, family members, and advisors.

Addressing Nonprofit Financial Challenges

Founded to tackle the complex financial challenges nonprofits face, Mazlo offers a banking solution that consolidates financial workflows into one compliance-driven system. Nonprofit leaders often struggle with fragmented processes when handling donations, invoices, grant reporting, and recordkeeping. Consequently, Mazlo aims to streamline these pain points by providing sophisticated tools tailored to the organizations it serves.

Rapid Growth and User Adoption

Since its early 2024 rollout, Mazlo has partnered with over 60 organizations and fiscal sponsors across 47 states. The company currently serves 1,600 users and nearly as many bank accounts, having already processed thousands of transactions. Its growth has been remarkably rapid, featuring a 5,570% increase in deposits over the past year with zero reported customer churn. Advisors and early users describe the platform as a “lifeline” for the nonprofit sector.

Company Background and Evolution

Mazlo’s journey began with developing digital tools for youth program reporting, which were later adapted for pandemic-era safety protocols. The success of these initiatives revealed a broader need for robust financial solutions across the nonprofit sector. As leaders increasingly identified finance as their top challenge, Mazlo shifted its focus to develop a platform specifically designed for nonprofit finance directors, bookkeepers, and program leaders.

Future Development and Sector Impact

The new funding will support further platform development, user growth, and strengthened compliance infrastructure. The company plans to enhance features that reduce administrative burdens, improve transparency, and create an efficient financial ecosystem for nonprofits. Additionally, Mazlo aims to help organizations operate with greater accountability and efficiency.

Early users have praised Mazlo for “saving time” and delivering support they “didn’t think possible.” With its strong connections to the nonprofit community and mission-driven design, Mazlo is establishing itself as a transformative force in modernizing nonprofit financial management. The platform’s success demonstrates the growing need for specialized financial solutions in the nonprofit sector and highlights how technology can address unique operational challenges faced by mission-driven organizations.