Azlo
“Can a BBVA-backed digital-only business bank out-compete incumbents on fees and UX for freelancers and micro-SMBs? (Answered: no — parent acquisition ended the experiment.)”
Founded2017
HQSan Francisco, California, United States
IndustryFintech / SMB banking
The story
Azlo was founded in 2017 as a fee-free digital business checking product incubated by BBVA to serve freelancers and small businesses underserved by mega-banks. It expanded into embedded SMB lending in 2019 via a partnership with Kabbage (Mission Street Capital). When PNC acquired BBVA USA, Azlo was deemed non-strategic and was shut down in early 2021, with all customer accounts closed by March 31, 2021.
Last 12 months
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Product timeline
2017
Launched as a digital small-business banking initiative by BBVA targeting freelancers and entrepreneurs.· banking
2019
Partnered with Kabbage to launch Mission Street Capital, providing loans up to $250,000 to Azlo customers.· lending
2020
PNC Financial Services announced acquisition of BBVA USA, Azlo's parent.· acquisition
2021
Azlo announced shutdown on Jan 7, 2021; all accounts closed by March 31, 2021.· pivot
The stack
3 layers disclosed in Azlo’s embedded-finance stack
Banking / BaaS
BBVA USA (parent)
Lending
in the full report
Sponsor bank
in the full report
Accounting gap: none
3 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.