Mazlo, a compliance-focused banking platform for nonprofit finance, has announced the close of a $4.6m funding round.
The San Francisco-based FinTech, founded to streamline the complex financial processes faced by nonprofit organisations, is launching with more than 60 partner organisations and fiscal sponsors across 47 states.
The funding came from Westbound Equity Partners, super{set}, Social Good Fund, a16z, Charles Oppenheimer, alongside contributions from friends, family and advisors.
Mazlo was created to address the persistent challenges nonprofit leaders face in managing financial records, donations, invoices and grant reporting. The platform acts as a compliance-driven banking solution designed to consolidate fragmented financial workflows into one system. Since its early rollout in 2024, the company has expanded to serve 1,600 users and nearly as many bank accounts, with thousands of transactions processed and significant growth in deposits, donations and card usage.
The company plans to use the latest funding to further develop its platform, expand its user base and strengthen its compliance infrastructure to meet the unique needs of nonprofits. Advisors and early users have described the service as a potential lifeline for the sector, offering financial tools as sophisticated as the missions of the organisations they support.
Mazlo’s journey began when its founders developed digital tools for youth programme reporting and later adapted them for pandemic-era safety protocols. The success of those early applications highlighted the broader need for modernisation in nonprofit finance. As feedback from nonprofit leaders pointed to finance as the sector’s most pressing pain point, the team pivoted to build a banking platform tailored to their needs.
The company said it has already achieved strong adoption metrics, including 5,570% growth in deposits over the past year, and it reports zero churn across its customer base. The founders credit their rapid traction to deep ties with the nonprofit community and their ability to design tools that mirror the lived experience of finance directors, bookkeepers and programme leaders.
Mazlo users and advisors have praised the platform, saying, “This might be our only hope as a sector. You’ve shown us it’s possible.” Others added, “We’ve never been so seen. You’ve already saved us more time and supported us in ways we didn’t think possible.”
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