[HN Gopher] Azlo Is Closing Down
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Azlo Is Closing Down
Just got the e-mail below. Odd decision given the massive pandemic
growth and recent launch of Azlo Pro. Who has suggestions for
migration? THX __ __ __ __ __ 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
Author : brainsrgdropout
Score : 47 points
Date : 2021-01-07 19:49 UTC (3 hours ago)
| graaben wrote:
| Any idea if another backend bank will pick up these accounts?
| Would be much easier to stay with Azlo while they sort out their
| banking partner vs having to completely transition everything.
| ruffrey wrote:
| Got the email too. On the one hand it's nice I guess they wanted
| to tell people ASAP. On the other hand it's disconcerting there
| is no transition plan or information shared. Seems like waiting a
| few days for that would have been better.
| ve55 wrote:
| This is rather strange communication imo, with no timeline
| provided, no information as to why, or, well, anything. Looks
| like Stripe atlas still lets you use them as well, so maybe they
| didn't give others a heads up before this either?
| pklicnik wrote:
| For folks interested, one alternative is Relay. Check it out
| here: https://relayfi.com/
|
| You can sign up for an account using this link:
| https://app.relayfi.com/register?referralcode=Hackernews
| cm2012 wrote:
| Novo Bank is another good one: https://banknovo.com/
| dhruvkar wrote:
| Simple just closed also (BBVA also).
|
| Looks like BBVA is making some changes.
| mrtrash757 wrote:
| I expect that your Azlo account (and mine) will move to BBVA and
| eventually PNC, like Simple (Personal Digital Bank owned by
| BBVA). See here: https://techcrunch.com/2021/01/07/bbva-says-
| that-it-is-shutt...
|
| Azlo did a terrible job of letting us know to be honest, unless
| they don't know that if it will be part of BBVA or not.
|
| Edit: I got this terrible canned response from Azlo.
|
| "We're still working to understand exactly how this process will
| take place, and we're sorry that we don't have more to share at
| this time. That said, please rest assured that your account and
| experience will not be immediately impacted. We are still working
| out the timeline details with BBVA USA, but we expect this to be
| months, not weeks, and we will work with you as we learn how our
| closure will unfold.
|
| We greatly appreciate your patience and please know that we're
| very sad about this; helping small businesses and entrepreneurs
| survive and thrive has brought us nothing but joy and fulfillment
| and we wish we could continue."
|
| Guess I will be going elsewhere.
| dpmdpm wrote:
| That's what I'm expecting too. I'm holding off on opening an
| account elsewhere for now, but yeah, would be nice to get
| clarity.
| mrtrash757 wrote:
| I agree, I did message them also over this. I picked up a
| Bluevine account incase, but it might be time to switch to a
| traditional brick and mortar bank for me. If they do move us
| to BBVA and then PNC though, that would be great.
| brainsrgdropout wrote:
| Yes, I'll wait to hear as well, but otherwise plan to move to
| Brex. Had a great experience with them in my first startup.
| thebiglebrewski wrote:
| Looks like BBVA is shutting down all of its "startup bank"
| acquisitions? Simple is also shutting down today.
| tmcpro wrote:
| Try out Novo
|
| [0] https://banknovo.com
| franciscassel wrote:
| Alternatives I've seen mentioned on Twitter threads today:
| https://mercury.com/ https://www.brex.com/
| greendomer95 wrote:
| Sad... I use Blue Vine also and they have been great and
| supportive for small business entrepreneurs
| brainsrgdropout wrote:
| Looks interesting. Like that it is based in RWC. THX!
| jamilbk wrote:
| BBVA is closing Simple too. Lucky me, I use Azlo for my business
| and Simple for my personal :-(.
|
| > We have an update for you about your banking relationship with
| Simple, a subsidiary of BBVA USA.
|
| > BBVA USA has made the strategic decision to close Simple. There
| is no immediate impact to your accounts at Simple and nothing you
| need to do at this time. Since your deposits are already housed
| at BBVA USA, they will remain in FDIC insured accounts there, up
| to the applicable limits. In the future, your Simple account will
| become exclusively serviced by BBVA USA, but until then you can
| continue to access your account and your money through the Simple
| app or online at simple.com. You will receive additional
| information in the near future about the transition of your
| account servicing to BBVA USA.
|
| > We want to assure you that we are committed to making this
| transition as smooth as possible for you, and that we will
| provide ongoing transparent and open communication, so you know
| what to expect each step of the way.
|
| > Our customer services agents will not be able to address
| questions about this announcement at this time. We will contact
| you proactively as we have more details. Please only contact
| customer support for your regular banking needs.
|
| > Thank you for being a Simple customer, it's been an honor to
| serve you.
|
| > -- The Team at Simple
|
| > What does it mean for me? You can continue to access your
| account and your money through the Simple app or online at
| simple.com and with your Simple Visa(r) Debit card. We will begin
| posting updates on the transition as we have them on simple.com.
|
| > Does this affect my stimulus payment? No. Your stimulus,
| unemployment aid and any other deposits will continue to be
| deposited in your account as they are received. If you have not
| received your IRS payment please use the IRS Get My Payment tool
| for status.
| whalesalad wrote:
| I am a happy customer of Mercury (https://mercury.com)
| chrisgoman wrote:
| Mercury is not approving all applicants for some unknown reason
| and they can NOT tell me why
| mcintee wrote:
| Just go with an actual known bank or credit union, to much gamble
| in these 3rd party entities. I caved in and went with Bank of
| America, I will eventually switch my business to Navy Federal
| credit union when I have time to actually go to the credit union
| chaoxu wrote:
| What, I just got Azlo account a week ago.
|
| Good thing I've applied for an account with Mercury. Waiting
| through the long verification process...
|
| But this definitely get me to think twice about using fintech
| banks. It could get closed down due to an acquisition of their
| parent bank.
| tylercubell wrote:
| What's stopping Mercury or Brex's partner bank from pulling the
| carpet out from under them too? The bank I switched away from to
| join Azlo is archaic and frustrating to deal with but I'm having
| second thoughts creating an account with another banking startup
| if it might close a few years later. I now have to inconvenience
| my clients and ask them to update the ACH information they have
| on file. I have no idea if there will be problems getting my
| money out either. I never expected this from a bank.
| [deleted]
| dang wrote:
| Related ongoing discussion about Simple:
| https://news.ycombinator.com/item?id=25674964
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(page generated 2021-01-07 23:01 UTC)