BBVA-backed Azlo, a digital banking platform for freelancers and self-employed workers, has launched its services in the US.
The platform will allow entrepreneurs, whom have been overlooked by traditional banking institutions, to access online banking with no fees, or minimum balances.
US-based Azlo is a digital banking platform focused on millennials and undeserved business communities. The platform offers instant digital banking services including domestic and international payments, bill pay, mobile check deposit and digital invoicing.
Azlo founder and CEO Brian Hamilton said, “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.”
The bank’s initial funding round was supplied by BBVA’s New Digital Businesses unit to support its development in the banking sector. Capital from the round is being used for product development and to scale its platform across the SMB market.
In the future, Azlo hopes to expand to other global markets and create an international community of entrepreneurs seeking financial independence, according to the company.
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.”
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