Azlo Launches Digital Business Banking Platform

Azlo, a digital banking platform for freelancers and self-employed workers, who make up the growing “gig economy,” and U.S. based small businesses more broadly, has announced the public availability of its product.

Starting today, a large segment of entrepreneurs, many of whom have been overlooked by traditional banking institutions, will be able to access dedicated business banking services instantly online, with no fees, minimum balances or confusing conditions.

Brian Hamilton, Founder & CEO of Azlo, commented, “Our vision is to improve access to core financial services for entrepreneurs from all walks of life by offering transparent business banking services that enable them to pay and get paid, including across borders, promoting a free flow of money without fees or boundaries. Globalization and the changing nature of work has intensified an already unequal access to economic opportunity. Fair and uncomplicated access to these tools can help level the playing field for many marginalized communities of founders and business owners.”

There are 44 million people in the U.S. alone that have a “side-gig,” and it is predicted that by 2020 43% of the U.S. workforce will be freelancers*1.  Many of these entrepreneurs don’t have a dedicated business account. Azlo’s value proposition is not just a free business banking*2 solution but a full service experience that integrates seamlessly with modern digital business tools, such as eCommerce, point-of-sale and marketplace providers, and does so across languages and socio-economic boundaries.

“What distinguishes Azlo is its focus on the new economy, including millennials and underrepresented entrepreneurs, and creating a deep and valuable relationship with its customers through community engagement,” says Ramona Ortega, Azlo’s Entrepreneur-In-Residence.

Founded in early 2017, Azlo’s initial funding round was provided by BBVA’s New Digital Businesses unit, which is also incubating similar businesses in BBVA’s Silicon Valley based fintech lab. BBVA’s involvement is part of the bank’s focus on fostering disruption in the banking sector, and ensuring it learns from the innovations coming from outside the business. The capital is being used to further product development and to scale the platform to address the multi-billion dollar SMB financial services market. Azlo expects to expand to other global markets in the future. Its goal is to cultivate an international community of entrepreneurs seeking financial independence, and to provide valuable growth and advisory services.

Teppo Paavola, Chief Development Officer at BBVA’s NDB unit, said, “Our goal at NDB is to identify banking disruptors that are transforming what we know as banking today. Azlo’s desire to provide entrepreneurs with a new banking experience designed to engage and partner with aspiring founders from all backgrounds is an appealing proposition. Our venture capital investment signals our belief in Azlo’s accomplished management team and will support public market availability and accelerated growth.”