Azlo, a provider of digital banking and business services for small businesses, is seeing a surge in new account openings in 2020 in the midst of the “Covid Economy” that is spurring new entrepreneurs into action. The digital business banking service—built from day one to serve the needs of small business owners—today announced it has doubled its customer count, year-to-date, and is launching a new subscription service, Azlo Pro, designed to further meet the needs of entrepreneurs around the U.S. by saving them time and money.
Peake: "A silver lining of the pandemic is that we've seen a remarkable surge in entrepreneurship."
"A silver lining of the pandemic is that we've seen a remarkable surge in entrepreneurship,” says Cameron Peake, CEO and co-founder of Azlo. “We recently surveyed our new account holders and found that 97% of these new businesses are founded by people who've always harbored a desire to start a company and are first-time founders. We've created Azlo Pro to help these entrepreneurs — whether it's their first business or their 10th — automate tasks related to budgeting and invoicing. This allows them to focus on doing what they do best, and survive the often-tough first year.”
Azlo Pro - Subscription services to help today’s entrepreneur
It’s clear that the new generation of “digital native” entrepreneurs expect their banking and business services to be automated, modern, and to ‘just work.’ Azlo Pro is a new subscription-based set of tools and services designed to help entrepreneurs save time and money through automating financial back-office tasks and reducing the cost of instant transfers. Automated features such as scheduling and sending invoices, and automatically budgeting using unlimited digital “Envelopes,” save time and ensure that funds can be earmarked and protected for crucial expenses like payroll, owner draws, and expenses.
Many first-time entrepreneurs get caught short when it comes to paying quarterly tax estimates, so automatically setting aside a portion of revenues to cover these bills can be a life-saver.
“It’s a good idea to over-assume how much you will owe,” says Ashleigh Early, Azlo customer and a self-employed sales consultant. “The shift from tax dollars being withheld in your paycheck to making quarterly payments is a significant change.”
With the ability to send and track invoices directly from their account, along with scheduling recurring invoices and issuing reminders, Azlo Pro subscribers can reduce the time they spend on administration, and money spent on additional tools, while improving payment turnaround and cash flow. Subscribers can also move funds from their Azlo account to external accounts (for example to pay vendors and suppliers) instantly, and cut instant transfer fees by half. Azlo Pro is available for just $10 per month.
Expanding leadership team
As the company continues to grow, Azlo has hired Jags Ramnarayan as the VP of Engineering, who joins from his prior role as the CTO for ComputeDB/Big Data at Tibco. As part of his career, he has helped launch startups and worked at complex, large software organizations, which puts him in a unique position to help Azlo achieve scale as it grows.
“I have always been passionate about finance,” says Jags Ramnarayan. “And most importantly, I am very impressed with the Azlo team and its open, empowering culture. My intention is to bring my experience in engineering management and data analytics to help create the best possible customer experience.”
Azlo is for founders and freelancers who need digital banking and integrated business services to get started, survive the early days, and navigate unexpected bumps along their entrepreneurial journey. Unlike big banks, Azlo is purpose-built for small businesses. Our free business checking account, business guidance and integrated financial tools, including invoicing, enable you to thrive by focusing on what you do best. Banking services are provided by BBVA USA, member FDIC. Learn more at azlo.com.