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
> 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® 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.
I also use Mercury for my business stuff. So Chime + Mercury might be a good combo for you, depending on your needs.
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.
- Rho: https://rho.co/
- Mercury: https://mercury.com/
- Radius Bank: https://radiusbank.com/business/
- BlueVine: https://www.bluevine.com/
- Novo: https://banknovo.com
- Wave Money: https://www.waveapps.com/money
- Brex Cash: https://www.brex.com/product/cash-management-account/
- Wise: https://www.wise.us/
- Relay: https://relayfi.com
Now if only there were a clear way to choose one. If anyone has any tips, I'm all ears.
However I will say... that the Achilles heel for these newer digital banks is customer service. If they're going to lean into doing everything on the internet, they need to be investing heavily into live customer support. That's been an issue for me with several banks in the past.
Plus I like all these challengers snapping at the incumbents, have you seen the SVB app and website, even Chase put them to shame.
Axos was super slow with set up such that half way through the process I applied to Azlo and got approved in a couple days and went with them instead. Bye.
Brex I used with my first startup beginning in 2018 (having migrated from SVB) and I loved it. There used to be a higher bar for getting an account but looks like they got rid of the $10K minimum. The rewards were pretty good and dunno if they still have it open bc pandemic but the Brex Oval Room (members only club) in South Park was a dope place to work and hang.
Based on prior experience, I'm leaning towards giving Brex a go again unless one of you can convince me otherwise.
- It looks like they use Radius Bank under the hood
- There is no Plaid support (this is almost a dealbreaker for me, as I want to use accounting tools like YNAB)
You can sign up for an account using this link: https://app.relayfi.com/register?referralcode=Hackernews
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.
Sometimes a bank compliance team can not legally say why a bank applicant is not approved. In those situations we can also not tell an applicant that, that is the case.
Though that is pretty rare, if you email me your company name/email I can take a look to see if I can provide more insight. We generally try to accept everyone we can legally accept if they are not in a prohibited industry etc.
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[0] https://banknovo.com