Doubling Down on the New Economy
This week we are excited to launch an innovative digital business account for a new generation of independent freelancers, entrepreneurs, and small business owners. This is not “main street” business banking, with the excessive charges, confusing fine print and frustrations that have come to define it. Azlo provides all the bells and whistles of big business banking without the hassle, and more importantly, without the fees.
We are committed to being the best business account for those brave enough to put skin in the game, take chances, and write their own story. Not only are we making our business bank accounts free, we are making it free to get paid — and to pay others — even across borders. You can open an Azlo account instantly online with no minimum deposit and use it immediately, and we support not just U.S. citizens but permanent residents and eventually resident aliens as well.
We are in a time of incredible change
Since 2007, the number of minority women-owned small businesses has skyrocketed. Black and Hispanic women owned operations increased by 67.5% and 87.5% respectively. There are now 55 million freelancers in the U.S., making up 35% of the workforce and a large percentage of those are millennials. Millennials are the most diverse generation ever and they are embracing entrepreneurship. According to a recent report, 49% of Millennials hope to start a business within the next 3 years and we hope to help them do just that. Azlo’s mission is to empower the multicultural and underserved entrepreneurial communities, to level the playing field and enable them to grow and succeed.
We are doubling down on this ambitious community of creatives, side-hustlers, and aspiring founders driven to accomplish their financial dreams. Our objective is to provide a new solution not just because we believe we can create a better banking product to help them reach their potential, but because we are part of that community ourselves. The Azlo team is an amazing group of entrepreneurs, makers and doers, all of us passionate about helping those left behind in today’s chaotic political and financial services landscape.
Fintech innovation is not all about complex algorithms, it’s about accessibility. The fintech revolution is making people’s lives easier so they can spend more time doing rewarding things or simply what brings them joy, while supporting their lives and building a future. It is about providing real value for real service where and when customers need it.
As our nation undergoes a radical transformation in the workforce, we hope to be a company that ensures that those starting new types of businesses and working in the gig economy have access to greater opportunity, regardless of origin, status or net worth. As recent scandals illustrate, it’s not safe to assume banks always have your best interests in mind. This is especially true in the underserved and nontraditional business segments where minimum balances, overdraft fees and transaction fees are pervasive. These fees are waived for wealthy customers and larger businesses carrying big balances, allowing banks to subsidize service to the wealthiest clients. We are changing this. We are giving back small business owners control over their money.
Building a better business bank for a new diverse generation of entrepreneurs is going to be a journey, but one well worth it. We hope you join us.
