“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.)”
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.
Azlo discloses BBVA USA (parent) as its banking provider, with BBVA USA as its sponsor bank, according to the Embedded Finance Index 2026.
Azlo does not disclose a bank charter of its own; its banking services are provided through BBVA USA.
Azlo's lending and capital products are provided by Kabbage.
The Embedded Finance Index 2026 maps 3 layers in Azlo's stack: Banking / BaaS (BBVA USA (parent)); Lending (Kabbage and Mission Street Capital (loans up to $250,000 via Kabbage)); Sponsor bank (BBVA USA).
Azlo is founded in 2017 and headquartered in San Francisco, California, United States.
Get a read on where your own stack stands against Azlo and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.