BBVA-backed digital bank Azlo set to launch across the US
BBVA has revealed that its majority-owned, tech savvy banking startup Azlo is set to launch across the US, marking the Spanish bank’s latest attempt to move more readily into the digital sphere.
Azlo is particularly geared towards providing a new level of banking provision to freelancers, small businesses, and others who offer a “work on demand” service.
“Azlo’s goal is to level the playing field for the growing number of entrepreneurs and small businesses who wish to participate in an expanding global economy that is driven by entrepreneurs, small business owners, and freelance professionals,” said CEO Brian Hamilton.
The startup will do this by offering an increased availability of both domestic and cross-border banking services including accounts with no fees or minimum monthly deposits required.
BBVA has entered into a number of similar ventures and collaborations with other digital banking players including its cybersecurity-centric partnership with Covault on biometrics, its purchase of Simple in 2014, and acquisition of both Atom Bank and Holvi in 2015.
“The move, similar to the recent announcement about digital security business Covault, is part of BBVA’s focus on fostering disruption in the banking sector, and ensuring it learns from the innovations coming from outside the business,” BBVA said.