Azlo

Last updated
Azlo
Company type Private
Industry Financial services
Founded2017 (2017)
FoundersBrian Hamilton
Cameron Peake
DefunctMarch 31, 2021 (2021-03-31)
Headquarters San Francisco, California, United States
Key people
  • Cameron Peake (CEO)
  • Bryan Crumpler (COO)
ProductsSmall business banking
Website azlo.com

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]

Contents

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

See also

References

  1. 1 2 "Azlo Status Update". www.azlo.com. Retrieved 2021-01-08.
  2. 1 2 DeMatteo, Megan (2021-02-09). "Azlo business checking accounts are closing—what now?". CNBC. Retrieved 2022-03-10.
  3. 1 2 "Azlo and Account Closure Updates and Timeline – Azlo". 2021-02-22. Archived from the original on 22 February 2021. Retrieved 2022-03-10.
  4. 1 2 3 4 5 6 7 "BBVA-backed U.S. digital banking startup Azlo readies for launch". Reuters. 2018-02-15. Retrieved 2020-04-22.
  5. 1 2 3 4 5 6 7 8 "Azlo CEO: Small businesses want simple, digital integration from banks". Banking Dive. Retrieved 2020-04-22.
  6. 1 2 3 4 5 6 7 Groenfeldt, Tom. "Azlo Provides A Digital Banking App For Freelancers, Startups And E-Commerce Users". Forbes. Retrieved 2020-04-22.
  7. 1 2 Crosman, Penny (31 October 2018). "What challenger banks get about small businesses that banks don't". American Banker.
  8. 1 2 Barba, Robert. "Best apps for freelancers and the gig economy". Bankrate.
  9. ↑ "Azlo's eligibility requirements".
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