Robbie Figueroa, co -founder and Operations Manager (COO) of Maza, knows firsthand the challenges faced by Latin immigrants in the United States by trying to navigate the financial system without a social security number.
Son of undocumented parents from Brazil and Ecuador, Figueroa grew up seeing how their family struggled to access essential services such as bank accounts, credit cards and insurance. These financial barriers inspired him to create Maza, an innovative application designed to empower immigrants, both documented and undocumented, offering practical solutions such as obtaining an ITIN (taxpayer’s individual identification number).
With more than 21 million Latin immigrants in the US, of which more than 7.4 million are undocumented, Maza seeks to simplify access to financial services and educate the immigrant community about the creation of heritage. In this interview, Figueroa shares his vision for Maza, his personal experience and how Fintech is knocking out the barriers faced by Latinos to build their financial future in the United States.
What are the most common challenges faced by Hispanics in the US. When they try to access financial services, and how Maza is addressing these problems?
The first thing is to distinguish that not all Hispanics in the United States are in a category. They can be classified into several categories but the greatest are those that have a social security number, or documented, and those who do not yet have it.
For those who have a social security number, the process is easier, they may only face the English barrier, but for those who do not, the barrier is bigger. What Maza does is try to eliminate barriers to both, with English, and not have sufficient documentation helping to obtain the ITIN number to help integrate the population into the financial system.
Navigating the financial system without a social security number is a great challenge for many immigrants. How have you seen the impact of IIN on the life of Maza users?
The ITIN was created by the IRS (Internal Revenue Service) to collect taxes to people who do not have Social Security. It is an opportunity that gives the IRS to the undocumented to do things well, there are also several financial institutions such as Bank, credit cards, which accept the IIN as identification number to open accounts, request cards and ask for money borrowed. There are several doors that open when it has an iTin number.
We in Maza have many users is that they write to us by saying that they finally have their first driver’s license, because certain states allow that. In addition, many Hispanics, have a very entrepreneurial mentality and with an iTin number begin to open that entrepreneurial door.
Many clients describe it as a step for the American dream.
How difficult it is for immigrants to obtain an iTin and how does Maza simplify this process?
You can do it for free entering the IRS page if you have time and knowledge, or go with a processor that can charge between $ 300 to 800. Maza is the option that is now born to recognize that it is very expensive, and sometimes very complicated, if you do it. It is a very simple process within the application and only costs $ 5 per month instead of hundreds of dollars.
Is it worth obtaining an Iin if one is undocumented?
I think it is the number one thing that one must do when one is undocumented. It does not affect immigration status, it is completely independent, but it helps to start creating a heritage in this country. It helps you be part of the system.
We understand that many people do not want to get the ITIN number because they do not want to pay taxes without receiving the benefits, however, this is the intelligent step if you want to get driver’s license, get a car to start a business, or get a card. There have also been customers who have helped them position themselves positively when they are processing their immigration status.
Given the current political climate in the US, how do you think access to ITIN can affect the future of undocumented immigrants?
To be part of the financial system, which for many, is the reason why they are here.
As the son of undocumented parents, how did he personally affect you the barriers they faced and how did that mold your vision for Maza?
Growing with them I saw those barriers to the financial system, although I did not understand being very young because they could not even open a bank account. From there Maza was born, to provide that access that my parents needed.
For more information about Maza, visit www.conmaza.com or download the Maza application on your mobile device.
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