Online Business Bank Azlo Is Shutting Down
Azlo, an online bank for small businesses, is shutting down. The news comes after its parent bank, BBVA USA, also made the decision to shut down Simple Bank. BBVA announced in November it would sell its U.S. business to PNC Financial Services Group.
Azlo account holders have been notified about the eventual account closures through an email. Here’s the email that was sent out:
It is with regret that I share this news today: Our parent bank, BBVA US, has made the strategic decision to close Azlo. Transparency is incredibly important to me and the Azlo team, which is why we are sharing the news early. There will be no immediate changes to your account or to your service.
As founders and entrepreneurs ourselves, we know that there can be unexpected bumps on the entrepreneurial journey. We’re sorry that we won’t be alongside you—our inspiring community of entrepreneurs—as you grow and flourish.
We want to reiterate that Azlo’s service, and your account, is not going away today, and we will continue to support you during this period of transition. We understand that you will have questions for us. Please stay tuned for updates and news.
Cameron Peake, Founder and CEO The Azlo Team
If you are looking for other options, check out Bank Novo. It has a similar online-only setup and no fees. You can make mobile deposits, easily transfer money and make electronic payments using the Bank Novo app.
Let me know if you have used Novo, or any other similar online only banks for small businesses. Millennials usually prefer these options since they offer more mobile oriented services.