Azlo

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]

Azlo
TypePrivate
IndustryFinancial services
Founded2017 (2017)
FoundersBrian Hamilton
Cameron Peake
DefunctMarch 31, 2021 (2021-03-31)
HeadquartersSan Francisco, California, United States
Key people
  • Cameron Peake (CEO)
  • Bryan Crumpler (COO)
ProductsSmall business banking
Websiteazlo.com

History

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

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
  • 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

References
  1. "Azlo Status Update". www.azlo.com. Retrieved 2021-01-08.
  2. DeMatteo, Megan (2021-02-09). "Azlo business checking accounts are closing—what now?". CNBC. Retrieved 2022-03-10.
  3. "Azlo and Account Closure Updates and Timeline – Azlo". 2021-02-22. Archived from the original on 22 February 2021. Retrieved 2022-03-10.
  4. "BBVA-backed U.S. digital banking startup Azlo readies for launch". Reuters. 2018-02-15. Retrieved 2020-04-22.
  5. "Azlo CEO: Small businesses want simple, digital integration from banks". Banking Dive. Retrieved 2020-04-22.
  6. Groenfeldt, Tom. "Azlo Provides A Digital Banking App For Freelancers, Startups And E-Commerce Users". Forbes. Retrieved 2020-04-22.
  7. Crosman, Penny. "What challenger banks get about small businesses that banks don't". American Banker. American Banker.
  8. Barba, Robert. "Best apps for freelancers and the gig economy". Bankrate. Bankrate.
  9. "Azlo's eligibility requirements".
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