Azlo, a California-based fintech, reported on Thursday the commencement of its new digital banking platform for consultants and freelance laborers. As per the organization, clients will now approach committed business banking benefits in a split second on the web, without any charges, minimum balances, or confusing conditions.
“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, and promoting a free flow of money without fees or boundaries. Globalization and the changing nature of work have 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,” said an Azlo representative in a statement.
The digital bank, which is supported in a lion’s share claimed by Spanish bank Banco Bilbao Vizcaya Argentaria, or BBVA, will give offer banking services to private ventures and different laborers in the gig economy, who may have been “neglected” by conventional banking methods, according to Azlo. The company hopes to extend to other worldwide markets later on. It will likely develop a global community of business people looking for financial freedom and to fulfill important development and advisory services.
Established in 2017, Azlo’s initial financing round was allegedly given by BBVA’s New Digital Businesses unit, which are likewise brooding comparable organizations in BBVA’s Silicon Valley-based fintech lab. The subsidizing is being utilized to promote product development and to scale the stage to address the multi-billion-dollar SMB financial services.
Teppo Paavola, Chief Development Officer at BBVA’s NDB unit, added: “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. Our venture capital investment signals our belief in Azlo’s accomplished management team and will support public market availability and accelerated growth.”