Azlo
| Company type | Private |
|---|---|
| Industry | Financial technology, Neobank |
| Founded | 2017 |
| Founder | Brian Hamilton, Cameron Peake |
| Defunct | March 31, 2021 |
| Fate | Closed and accounts terminated |
| Headquarters | United States |
Area served | United States |
Key people | Brian Hamilton, Cameron Peake |
| Products | Digital banking accounts, Visa debit cards, mobile check deposits, bill payment, ACH transfers, invoicing |
| Parent | BBVA USA |
Azlo was a U.S.-based technology-driven neobank delivering digital financial solutions tailored for small enterprises through its mobile application and website. Established in early 2017 by Brian Hamilton and Cameron Peake, Azlo functioned as a standalone entity predominantly owned by BBVA. The company utilized BBVA USA’s banking license along with its payment systems, concentrating on serving freelancers, startups, and e-commerce operators.
Originating within BBVA’s New Digital Businesses division, Azlo initially piloted its service model with a limited group of clients before its formal launch in February 2018. Its mission centered on streamlining banking processes for small businesses by integrating digital tools and enhancing user experience.
On January 7, 2021, Azlo declared its closure and subsequently terminated all accounts by March 31, 2021.
Business model
Functioning exclusively as a neobank, Azlo operated without physical branch locations, focusing on digital-only banking services. Its primary clientele included small business entities such as sole proprietors, partnerships, corporations, and nonprofits, with an emphasis on the gig economy. The platform imposed no bank fees or minimum balance conditions.
Banking operations were conducted through BBVA USA and powered by the Accenture Alnova core banking platform. This infrastructure supported features like invoicing and payment acceptance through integrations with PayPal and Square.
Product Features
- Accounts designed specifically for freelancers and small business owners.
- Included benefits such as Visa debit cards, mobile check deposits, bill payment options, ACH transfers, and invoicing capabilities within the app.
- No associated fees or minimum balance requirements applied.
- The Azlo mobile app was accessible on both iOS and Android devices.
- Account eligibility was restricted to U.S. citizens, permanent residents, and certain temporary residents holding specific visas.