San Francisco-based fintech startup Mazlo has secured $4.5 million in seed funding to scale its compliance-driven banking and finance platform for nonprofits and fiscal sponsors.
The round drew backing from Westbound Equity Partners, venture studio super{set}, Social Good Fund, Andreessen Horowitz (a16z), and a group of friends, family, and advisers, including Charles Oppenheimer and Chef Dunny.
The raise brings Mazlo’s total funding to $4.6 million, per the announcement.
Founded by Chief Executive Kian Alavi and Chief Product Officer Sean Anderson, Mazlo develops tools to help nonprofit organizations manage funds, monitor compliance, and streamline accounting.
The platform enables fiscal sponsors and their projects to separate accounts at the program level, tag transactions to specific funds, and provide real-time financial visibility.
Banking services are provided through Regent Bank, Member FDIC.
Mazlo said it has onboarded more than 60 organizations across 47 U.S. states, with about 1,600 users managing nearly as many bank accounts.
Since early 2024, deposits with its partner bank have risen more than 5,500%, with double- and triple-digit growth in donations and card usage, the company said.
The startup’s origin traces back to Alavi’s work in San Francisco’s nonprofit sector, where frustrations over cumbersome grant reporting and financial administration inspired him to develop digital tools with Anderson.
During the pandemic, the team said it adapted its systems for COVID-19 check-ins and later shifted focus to nonprofit financial operations after feedback from sector leaders.
Mazlo’s backers said the company is targeting a longstanding pain point in nonprofit administration: fragmented accounting and reporting systems that slow fund management and compliance.
The company plans to use the fresh capital to expand operations, accelerate product development, and strengthen its team as it positions itself as a central platform for nonprofit finance.