Azlo, a California-based fintech, announced on Thursday the launch of its new digital banking platform for freelancers and self-employed workers. According to the company, customers will now have access to dedicated business banking services instantly online, with no fees, minimum balances or confusing conditions. While sharing more details about the platform, Brian Hamilton, Founder and CEO of Azlo, stated:
“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.”
Ramona Ortega, Azlo’s Entrepreneur-In-Residence, also commented:
“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.”
Founded in 2017, Azlo’s initial funding round was reportedly provided by BBVA’s New Digital Businesses unit, which is also incubating similar businesses in BBVA’s Silicon Valley-based fintech lab. The funding is being used to further product development and to scale the platform to address the multi-billion dollar SMB financial services market. Teppo Paavola, Chief Development Officer at BBVA’s NDB unit, added:
“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.”
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.