Azlo Bank Review 2022: Easy Business Checking

Azlo was an online bank that launched in 2018 and offered financial services to small businesses, including independent contractors, freelancers and those participating in the gig economy, through its website and mobile app. Azlo bank reviews praised the bank’s fee-free checking accounts.

Unfortunately, in early 2021, Azlo announced its impending closure, with a gradual tapering off of services leading up to the closing of all customers’ accounts at the end of March 2021. With an increasing number of workers out there functioning as independent contractors, particularly during the COVID-19 pandemic, the loss of Azlo was sure to present a challenge to account holders who had come to appreciate the online bank’s platform and services.

While Azlo was only an active bank for a little over three years, it tapped into a niche and carved out a space for itself that made it a hit with a segment of banking customers. Check out our Azlo bank review to learn more about how Azlo worked.

What Was Azlo Bank Business Checking?

Azlo was an exclusively online bank—it had no physical branches. It entered the market at a time when the phrase “there’s an app for that” had become ubiquitous, and in Azlo’s case, “that” meant basic banking services for small businesses who didn’t necessarily need a lot of bells and whistles—just an easy way to keep their business funds in one place and monitor them. In addition to the app, Azlo went one better and also had a website where its customers could carry out necessary banking tasks.

Who Was Azlo Bank Business Checking Best For?

An Azlo business account was ideal for small business customers with minimal banking needs. It was free, easy to use, available to customers throughout the U.S. and very convenient, particularly thanks to its mobile app. It didn’t allow customers to complete complex banking transactions or make cash deposits, but for the segment of the market to which Azlo catered, these weren’t seen as major drawbacks at all.

Due to its fully online infrastructure, Azlo was a favorite among gig economy workers and freelancers, whose needs rarely involved handling cash or making special trips to the bank. Rather, Azlo’s customers needed to be able to accept electronic payments, deposit checks and keep track of their funds in general—and most importantly to be able to do these things easily, using their computer or mobile device. Azlo really hit the sweet spot for these customers.

How Azlo Bank Business Checking Worked

Applications for an Azlo business checking account typically took no longer than two or three days to be approved, and the process was often closer to immediate. In addition to personal information (name, address, SSN, etc.), applicants were required to submit business information, which varied depending on whether the business was a sole proprietorship, general partnership, corporation or LLC.

Upon approval, the customer could then make an initial deposit either by transferring funds using a debit or credit card, by linking to another bank account or by depositing a check. Azlo would then send the account holder their new Azlo debit card, and the customer could begin taking advantage of the various features of their new account.

Other Key Azlo Bank Business Checking Features

While Azlo wasn’t ideal for business owners with complex banking needs, the following brief Azlo bank review describes some of the key features that made it an appealing option for small business owners, gig workers and freelancers.

No fees, no minimum balances

A big part of Azlo’s attraction for gig economy workers was that the bank’s basic business checking account was available for free, with zero fees. Additionally, Azlo didn’t require its customers to maintain a minimum account balance. For customers with variable cash flow, this was a significant benefit.

Ability to send invoices

Freelancers and small business owners appreciated having the ability to send unlimited digital invoices to their clients through their Azlo accounts. Azlo also made it easy for customers to link their accounts to Stripe, PayPal and Square for invoicing purposes.

Income tracking

One helpful feature of Azlo business accounts was the ability to tag and sort transactions on the website. This allowed account holders to label and filter their transactions for easy income tracking. If they were curious about whether they’d paid the current month’s electric bill or wanted to compare the last six months of gas expenses, this was easily facilitated.

Conclusion

While Azlo is no longer in operation, hopefully this Azlo bank review makes it a little easier to compare your existing business banking options with what this online bank was able to offer. You can enjoy many of these same features with any number of existing banks, but be sure to ask for specific information from any bank you’re considering using, just to be certain you understand what you’d get from your new account.

Great alternatives to Azlo Business Checking include NorthOne, Novo, and BlueVine. Learn more about these business checking options.