Azlo

Azlo is an American technology neobank company which provides financial services for small businesses through a mobile app and website.

Azlo
Private
IndustryFinancial services
Founded2017 (2017)
FoundersBrian Hamilton
Cameron Peake
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.[1][2][3] It was developed within BBVA's New Digital Businesses division, which funds stand-alone financial technology startups.[1][2] It is majority-owned by BBVA, utilizes BBVA USA's banking license and payment infrastructure, but operates as an independent company.[1][2]

The company tested its model with a small number of clients for a few months before launching in February 2018.[1]

Business model

Azlo is a neobank, which means they utilize digital-only services model without traditional branch offices.[2][3] Azlo focuses on small businesses - including sole proprietors, partnerships, corporations, and nonprofits.[1][2] It specifically focuses on people engaged in the gig economy.[1][2][3] It does not charge bank fees or have a balance requirement.[3]

Its banking services are provided by BBVA USA.[1][2][3] The platform utilizes the Accenture Alnova modern core banking platform.[3]

Their platform allows users to send invoices and accept payments through PayPal and Square.[2][3]

Product Features
  • Azlo focuses on offering accounts to freelancers and small businesses.[4]
  • Accounts include Visa debit cards, mobile deposits, bill pay, and ACH payments[4] as well as in-app invoicing.[5]
  • Azlo accounts have no fees and no minimum balance requirements[5]
  • The Azlo mobile apps are available on iOS and Android.
  • Current eligibility requirements restrict Azlo accounts to U.S. citizens, permanent residents, and temporary residents with select visa types.[6]

See also

References
  1. "BBVA-backed U.S. digital banking startup Azlo readies for launch". Reuters. 2018-02-15. Retrieved 2020-04-22.
  2. "Azlo CEO: Small businesses want simple, digital integration from banks". Banking Dive. Retrieved 2020-04-22.
  3. Groenfeldt, Tom. "Azlo Provides A Digital Banking App For Freelancers, Startups And E-Commerce Users". Forbes. Retrieved 2020-04-22.
  4. Crosman, Penny. "What challenger banks get about small businesses that banks don't". American Banker. American Banker.
  5. Barba, Robert. "Best apps for freelancers and the gig economy". Bankrate. Bankrate.
  6. "Azlo's eligibility requirements".
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