Azlo

Azlo was founded in early 2017 by Brian Hamilton and Cameron Peake.[2][3][4] It was developed within BBVA's New Digital Businesses division, which funds stand-alone financial technology startups.[2][3] It is majority-owned by BBVA, utilizes BBVA USA's banking license and payment infrastructure, but operates as an independent company.[2][3]

The company tested its model with a small number of clients for a few months before launching in February 2018.[2] It announced its closure in January 2021.[1]

Azlo is a neobank, which means they utilize digital-only services model without traditional branch offices.[3][4] Azlo focuses on small businesses - including sole proprietors, partnerships, corporations, and nonprofits.[2][3] It specifically focuses on people engaged in the gig economy.[2][3][4] It does not charge bank fees or have a balance requirement.[4]

Its banking services are provided by BBVA USA.[2][3][4] The platform utilizes the Accenture Alnova modern core banking platform.[4]

Their platform allows users to send invoices and accept payments through PayPal and Square.[3][4]

• Azlo focuses on offering accounts to freelancers and small businesses.[5]
• Accounts include Visa debit cards, mobile deposits, bill pay, and ACH payments[5] as well as in-app invoicing.[6]
• Azlo accounts have no fees and no minimum balance requirements[6]
• 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.[7]

• BBVA USA
• Challenger bank
• Neobank