Azlo was an American technology
neobank company which provided
financial services
Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...
for small businesses through a mobile app and website. In January 2021, the company announced that it was shutting down,
and by the end of March 2021 it had closed all accounts.
History
Azlo was founded in early 2017 by Brian Hamilton and Cameron Peake.
It was developed within
BBVA's New Digital Businesses division, which funds stand-alone
financial technology startups.
It was majority-owned by BBVA, utilized
BBVA USA's banking license and payment infrastructure, but operated as an independent company.
The company tested its model with a small number of clients for a few months before launching in February 2018.
Azlo announced its closure on January 7, 2021,
and closed all accounts by March 31, 2021.
Business model
Azlo was a
neobank, which means they utilize digital-only services model without traditional
branch offices.
Azlo focuses on small businesses - including
sole proprietors,
partnerships,
corporations, and
nonprofits
A nonprofit organization (NPO) or non-profit organisation, also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in co ...
.
It specifically focuses on people engaged in the
gig economy
Gig workers are independent contractors, online platform workers, contract firm workers, on-call workers, and temporary workers. Gig workers enter into formal agreements with on-demand companies to provide services to the company's clients.
In m ...
.
It does not charge
bank fees or have a balance requirement.
Its
banking services
Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking servi ...
were provided by
BBVA USA.
The platform utilized the Accenture Alnova modern core
banking platform.
Their platform allowed users to send invoices and accept payments through
PayPal and
Square.
Product Features
*Azlo focused on offering accounts to freelancers and small businesses.
*Accounts included
Visa debit cards, mobile deposits, bill pay, and ACH payments
as well as in-app invoicing.
*Azlo accounts had no fees and no minimum balance requirements.
*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.
See also
*
BBVA USA
*
Challenger bank
*
Neobank
References
{{reflist
Online banks
Banks established in 2017
2017 establishments in California
Banks based in California
Companies based in San Francisco
2021 disestablishments in California
Banks disestablished in 2021