Azlo was an American technology neobank company which provided financial services for small businesses through a mobile app and website. In January 2021, the company announced that it was shutting down,[1] and by the end of March 2021 it had closed all accounts.[2][3]
 | |
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 2017 |
| Founders | Brian Hamilton Cameron Peake |
| Defunct | March 31, 2021 |
| Headquarters | San Francisco, California, United States |
Key people | |
| Products | Small business banking |
| Website | azlo |
History edit
Azlo was founded in early 2017 by Brian Hamilton and Cameron Peake.[4][5][6] It was developed within BBVA's New Digital Businesses division, which funds stand-alone financial technology startups.[4][5] It was majority-owned by BBVA, utilized BBVA USA's banking license and payment infrastructure, but operated as an independent company.[4][5]
The company tested its model with a small number of clients for a few months before launching in February 2018.[4]
Azlo announced its closure on January 7, 2021,[1] and closed all accounts by March 31, 2021.[2][3]
Business model edit
Azlo was a neobank, which means they utilize digital-only services model without traditional branch offices.[5][6] Azlo focuses on small businesses - including sole proprietors, partnerships, corporations, and nonprofits.[4][5] It specifically focuses on people engaged in the gig economy.[4][5][6] It does not charge bank fees or have a balance requirement.[6]
Its banking services were provided by BBVA USA.[4][5][6] The platform utilized the Accenture Alnova modern core banking platform.[6]
Their platform allowed users to send invoices and accept payments through PayPal and Square.[5][6]
Product Features edit
- Azlo focused on offering accounts to freelancers and small businesses.[7]
- Accounts included Visa debit cards, mobile deposits, bill pay, and ACH payments[7] as well as in-app invoicing.[8]
- Azlo accounts had no fees and no minimum balance requirements.[8]
- The Azlo mobile apps was available on iOS and Android.
- Eligibility requirements restricted Azlo accounts to U.S. citizens, permanent residents, and temporary residents with select visa types.[9]
See also edit
References edit
- ^ a b "Azlo Status Update". www.azlo.com. Retrieved 2021-01-08.
- ^ a b DeMatteo, Megan (2021-02-09). "Azlo business checking accounts are closing—what now?". CNBC. Retrieved 2022-03-10.
- ^ a b "Azlo and Account Closure Updates and Timeline – Azlo". 2021-02-22. Archived from the original on 22 February 2021. Retrieved 2022-03-10.
- ^ a b c d e f g "BBVA-backed U.S. digital banking startup Azlo readies for launch". Reuters. 2018-02-15. Retrieved 2020-04-22.
- ^ a b c d e f g h "Azlo CEO: Small businesses want simple, digital integration from banks". Banking Dive. Retrieved 2020-04-22.
- ^ a b c d e f g Groenfeldt, Tom. "Azlo Provides A Digital Banking App For Freelancers, Startups And E-Commerce Users". Forbes. Retrieved 2020-04-22.
- ^ a b Crosman, Penny (31 October 2018). "What challenger banks get about small businesses that banks don't". American Banker.
- ^ a b Barba, Robert. "Best apps for freelancers and the gig economy". Bankrate.
- ^ "Azlo's eligibility requirements".