Azlo Bank Is Closing | Hacker News Reader

Azlo Bank Is Closing

10 pointsstickfigure12 comments

On top of BBVA's announcement that they are closing Simple, today we got this email:

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Hi <myname>,

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.

With admiration,

Cameron Peake, Founder and CEO The Azlo Team

This is just my speculation but I bet you dollars to donuts this is actually tied to the $10,000 ppp loan advance scams. People just opened free online savings accounts to accept the payment, withdrew it, and never used the account again. I wonder if Azlo got punched for approving the accounts. Azlo put out a press release in late September stating there had been a recent huge surge in new accounts being opened by first time business owners.

Azlo has been such a blessing for a young business entrepreneur like myself, I can't believe they are doing away with it what do we do now?

Take a look at Novo!

[0] https://banknovo.com

I just got my 'account approved' notification YESTERDAY! Looks like I'll be moving to Mercury

This is crazy!! So we can't rely on a startup who has raised millions! Where should we go now?

Try out Novo

[0] https://banknovo.com

Unfortunately Novo won't accept my Google Voice cellphone number so I can't complete the application process.

We moved from Seed to Azlo when Seed shut down. What do we move to next?

I hear Mercury is an alternative. I didn't have any luck signing up with them though (they refused me service for the bizarre reason that I couldn't provide the EIN registration form I got from the IRS a decade ago).

I have Mercury. I like it. I’ll be moving my two Azlo accounts to it.

https://www.bluevine.com/ is what we have used for several years now. Great options for small business.

Try out Novo

[0] https://banknovo.com

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