HN Explorer

Azlo Bank announces intent to shut down

9 points by tanelpoder ↗ HN
Just got this email:

"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"

5 comments

[ 4.8 ms ] story [ 20.9 ms ] thread
gthompson1
Got the same email. I became a customer through stripe Atlas. I started to get a little worried as I saw them try to add subscriptions. Signs that maybe it was bleeding cash. I guess cross selling into other products didn't work...? I know some people have complained about stripe atlas in general. This is another knock against the program as this was one of their default banks https://stripe.com/docs/atlas/next#bank-account

Hopefully Azlo can give more information on how long the service will still be useable... Seems like that is an obvious follow up. Appreciate the transparency but whats the plan guys?

tanelpoder
I didn't subscribe to their premium service either, but now in hindsight, maybe should have (paying $10/mo for a business checking account is totally ok). I previously moved away from Silicon Valley Bank due to their $200+ monthly fees (I had just 5-10 incoming/outgoing transactions per month) and every other month I ended up having to call them for various reasons.
stevewodil
Definitely a shame, I love Azlo and the one time I've had to call them their customer service was outstanding. I wish someone could buy them out and save them