kabbage

Azlo Bank Review: Deep Dive Into Features, Competition, Fees, & More

Anyone who knows me will tell you I’m a die-hard fan of credit unions for business banking. As a rule, I recommend owners use small community banks and credit unions for business checking. So, I even surprised myself when I fell intrigued with Azlo Bank. After reading the wildly mixed reviews, I had to do a write-up.

Today, we’re going to analyze the online-only business banking offer from Azlo. Here’s what’s in store:

Azlo Business Checking Account Overview
- Who Owns Azlo Bank?
- Where is Azlo Located?
Is Azlo Bank Safe?
- Is Azlo Bank FDIC Insured?
What You Really Get With Azlo Business Banking
Azlo Business Account FAQs
Azlo Business Banking Competitor Analysis
Final Takeaway: Should You Open an Azlo Account?

Read on to get the full scoop before you go sign up all willy-nilly (choosing a business checking account is a huge decision).

Update: On January 7, 2020, Azlo bank announced to users that their parent bank, BBVA US, has made the strategic decision to close Azlo. They stated that nothing would happen to existing accounts right away, and that they were letting users know early. This is not good news, but we are hopeful that they will find a new bank to service their offer.

Update: As of Fall 2022, Azlo has not reopened. Users looking for a similar offer might consider Novo or Bluevine instead.

Azlo Business Checking Account Overview

Azlo is an online-only business banking offer designed for freelancers, entrepreneurs, small businesses, and non-profits. Their core offer is a forever-free, no-fee checking account that can be managed from home. And, for $10 per month, you can access advanced invoicing and budgeting features as well as premium content and accountant access.

Who Owns Azlo Bank?

Azlo is owned by BBVA, the US subsidiary of Banco Bilbao Vizcaya Argentaria, based in Madrid and Bilbao, Spain. Publicly-owned BBVA branches are located throughout the world. The current CEO Is Javier Rodríguez Soler, who was named to the position in 2019.

Javier has been with the company since 2008, has a strong background in investments and corporate development, and appears to be plenty qualified.

Where is Azlo Located?

Azlo’s official headquarters are in San Francisco. In addition, they have offices in Portland, Los Angeles, Birmingham, and New York City.

Is Azlo Bank Safe?

One of the top queries business owners have about this banking offer is whether or not it’s safe. The best indicator of funds safety in the United States is insurance through the Federal Deposit Insurance Corp (FDIC). Through this protection, if a bank fails, the US government assures that your money is safe.

FDIC insurance currently grants protection for $250K in deposits per account per financial institution.

Is Azlo Bank FDIC Insured?

If you peek in at the FDIC’s institution directory, you won’t find Azlo on the list of insured banks, which might scare you off. But, Azlo is insured through their partner bank, BBVA. In other words, your funds will be protected if, for some reason, the bank fails.

What You Really Get With Azlo Business Banking

Up to this point, you might still be wondering what’s so special about this offer.

“C’mon, Joe. There are plenty of online checking account offers that sound just like this one. What’s the big deal?”

Am I right?

Now, let’s explore the essence of Azlo’s magic so you can find out how it lured me in.

Some of the standard features of a free account are:

Unlimited transactions
$0 minimum balance
$0 overdraft fees
Acccesss to 55K no-fee ATMs

But, that’s not all. Below, you’ll find more about what makes this offer stand out.

Hassle-Free Online Checking Account Application

You can apply for a banking account with Azlo in less than five minutes. You’ll need your Articles of Organization or other official business license, your photo ID, social security number, and your business’ EIN. Rather than gather hard copies of everything and drive or fax them to a banker, you can simply upload your documents directly from the online application.

Once you’ve submitted the app, Azlo will review and you’ll get an email when you’ve been approved. Expect the approval process to take between 2-3 business days.

Convenient & Flexible Initial Deposit

It can take some time to transfer operations from one bank to another. In some cases, most of your funds can already be tied up, which makes large initial deposits inconvenient. You won’t have that issue with Azlo.

In fact, the first deposit into your Azlo business bank account can be as little as $10 or as much as $1K.

Unlimited Direct Invoicing

Rather than use a separate invoicing platform, with an Azlo account, you can send unlimited invoices to customers and clients without leaving your banking dashboard.

You can personlize your invoices with your company name, brand logo, and custom fields. In addition, you can save client information to draft and create future invoices in just a few clicks. See more about advanced options in the Azlo pro section below.

Azlo Envelope for Budgeting

One of the first accounting lessons you learn in business is to set money aside for your taxes. A digital envelope makes it easy by automating your savings.

When you configure your account, you can select an amount to set aside as a percentage. With each deposit, this amount will then be saved into an envelope. When you need to spend the money, simply select your envelope and release the funds for instant access.

Affordable Instant Transfers

Most features of an basic Azlo banking account are free, however one very common elective feature will come with a fee: instant (ACH) transfers. To send money out of your account instantaneously will cost $2 and to receive it will cost 2% of the total transaction.

So, for a $200 instant transfer into your account, you’ll pay $4, which is a pretty competitive rate. Pro users will pay less.

Business Tools & Integrations

It’s always smart to make sure your business tools play well with one another. Azlo has partnered with several brands so users can integrate their banking seamlessly with the tools they already use. My best guess it that they will continue to roll-out more partnerships as demand increases.

How is Azlo business account integrations

As of today, you can connect an Azlo bank account with Bench, BigCommerce, Coterie, FreshBooks, Gusto, PayPal, Quickbooks, Shopify, Square, Stripe, Thimble, and Xero.

Azlo Pro Features

For $10 per month, you can upgrade to leverage some additional features. In many cases, these features can save money that might otherwise be spent on external tools and software.

Advanced Invoicing – Enable the ability to schedule and automate invoicing to clients and customers.
Unlimited envelopes – In addition to setting money aside for taxes in your first envelope, you can put funds into multiple envelopes, say for large purchases, payroll, and other expenses.
Azlo envelopes goals – Set budgeting goals and automatically schedule allocation into the appropriate corresponding envelopes.
Accountant access – Give your accountant direct access to your account without sharing your personal login information.
Reduced instant transfer fees – Pro users pay half the amount for instant transfers at just $1 for outgoing funds and 1% for incoming funds.
Premium content – You’ll also be able to access gated content that includes in-depth guides about business management, marketing, advertising, and financial management.

For many companies, the pro offer is worth at least $10 in software savings alone. If you have the need for any of the above features, it’s definitely worth checking out.

Azlo Business Account FAQs

There are still over a handful of common questions unanswered. Let’s address them.

Does Azlo accept Zelle?

While Azlo can be connected to third-party platforms, Zelle does not allow uers to pay with business debit cards.

Does Azlo have a debit card?

Yes, an Azlo card is a Visa debit card that can be used anywhere Visa is accepted.

Does Azlo work with PayPal?

Yes, you can connect an Azlo account to PayPay, Stripe, or Square. And, clients and customers can pay Azlo invoices with PayPal.

How do you deposit cash into Azlo?

To deposit cash into an Azlo account, you will need to deposit it into a linked bank account, then transfer the funds to your Azlo baking account.

How many accounts can you have with Azlo?

You can open one Azlo account per business. To open multiple Azlo accounts, you will need to connect them to multiple legal business entities.

Does Azlo have checks?

Azlo does not offer personal checks. Checks printed by using an Azlo account number and routing number will not work. To pay expenses by check from an Azlo account, you can use a third-party partner to send a mailed check.

Azlo Business Banking Competitor Analysis

I always encourage readers and Business Credit Workshop members to shop around before they make a financial decision. Since Azlo isn’t your only option, let’s see how they compare to the other top offer in thier niche (Note: I was going to add Seed.co to this list, but they have some growing to do before they can really compete).

Azlo Bank vs Novo Bank

In a nutshell, Azlo has an amazing offer that wins on several fronts — $0 non-sufficient funds fees, invoicing, and envelopes, as a few examples. But, Novo offers some impressive cash savings worth looking at.

Final Takeaway: Should You Open an Azlo Account?

If you’ve made it this far and you still like what you hear, yes, I recommend you look into opening an Azlo account for business checking. However, if you’re interested in learning how to build business credit and access up to $100K in funding within 30 days, I recommend a different type of account. Join the Business Credit Workshop today to learn more.

A Straightforward Kabbage Review: Everything You Need to Know …Without the Fluff

By Joe

As one of this year’s SBA-approved PPP lenders, Kabbage has received an onslaught of poor reviews recently, essentially pulling their trust score down quite a bit in a very short time. Now, you’re probably asking if you should believe what you read. Is Kabbage a legitimate lender? And, should you leverage their financial services for your business?

After you read this, you’ll be able to answer these questions with confidence. Here’s what’s in-store.

What is Kabbage?
Kabbage Yesterday, Today, and Tomorrow
- Kabbage Business Loan Pricing
- PPP Loans via Kabbage
Final Summary

What is Kabbage?

While the platform is known for its small business funding, all Kabbage lending has been temporarily suspended for new and existing customers. While many companies across the globe were forced to close indefinitely in response to COVID-19, Kabbage chose to suspend their offer.

So, if you can’t access their core funding offer, what are you doing here? Well, the brand now offers several other business financial services. Let’s explore what’s up with Kabbage’s checking, payments, and financial insights platforms (accessible from one dashboard).

Kabbage Checking

Where there once were lending opportunities, you’ll now find earning opportunities.

Kabbage Checking offers FDIC-insured banking with 1.10% APY earned on funds, which they declare is the best deal you’ll find. I had my doubts about this claim, so I did some digging. Here’s how Kabbage compares to current checking account offers from some of the best business credit unions I know of.

To my surprise, Kabbage stacked-up well next to some of my favorite institutions. But, they don’t have the “best” offer. Consumer Credit Union, for example, offers nearly double APY or more on checking account balances up to $10K for those who use their debit card at least 12 times per month.

So, while it’s a good deal, it’s not the best out there. But, APY earnings may balance out against the competition for some companies who don’t plan to use their business debit card often.

Note: None of the above checking accounts demand monthly fees nor do they have minimum balance requirements. When you shop around for a business checking account, keep this in mind.

Kabbage Payments

Next on the list of financial services to leverage here is an online payment platform. Invoicing with Kabbage Payments costs 2.9% + $0.25 per transaction, which is five cents less than major competitors.

The invoicing cost is competitive. And, the platform offers email or web link billing. Also, you can leverage next-day deposits on eligible transactions. Any payments processed on the platform before 5 pm will be sent to your bank by the next business day at no additional cost.

Another promoted service within the payments platform is a unique URL where you can sell gift certificates from $15 to $500.

As with most online payment platforms, you will be asked to share your social security number when signing up (a sign that these financial services are not likely to help build your business credit).

Kabbage Insights

I might compare Kabbage Insights to Quickbooks. While it does deliver visual reports, it’s basically an accounting platform.

Theoretically, you can see all of your accounts in one place and start to get a clear understanding of your cash flow and revenue.

You do not need to use Kabbage checking or invoicing to use the insights feature, but I suspect you will receive more detailed insights if all of your accounts are connected.

Easily, you can link the system to your bank account including various smaller credit unions and community banks. While the dashboard claims that Kabbage Insights can be connected with PayPal, I wasn’t able to do so. Nor could I connect with Stripe.

These integrations aren’t necessary as long as all transactions are processed through your connected business bank or credit union accounts. But, it would be more convenient if they were to provide these options.

The Resource Center

Kabbage’s Resource Center is essentially just a blog with financial advice for business owners.

The articles here are pretty useful, easy-to-understand, and worth a look. Chances are, you’re likely to find helpful information here, whether a majority of Kabbage’s staff stays on furlough or not.

Kabbage Yesterday, Today, and Tomorrow

Launched in 2009, Kabbage was founded as an automated lending platform. By 2017, the company had grown to a net worth of $200 million, establishing itself as a leader in the business working capital corner of fintech.

Kabbage’s core offer included quick, easy loans with low credit requirements. The fees were transparent and small businesses could get approved for lines of credit up to $250K at a time. Most loans were extended within just a few days, making this a convenient option for companies that needed quick cash for their operations.

On the downside, the fixed-rate fees could be pretty steep, ranging from 24-99% APR. Early repayment didn’t save borrowers on interest, long-term repayment options were unavailable, and only companies with online checking or PayPal were approved by verifying cash flow.

With the onset of Coronavirus in March 2020, Kabbage furloughed workers and the situation looked bleak. Then, they began processing PPP loans, which ended up helping the company get back above water.

Recently, it was announced that American Express acquired Kabbage whose loan funds used to come from Celtic Bank. If the brand does offer working capital in the future, it will most likely come directly from Amex itself.

We’ll just have to wait around to see.

Kabbage Business Loan Pricing

Despite the fact that business loans are the core offer that has been temporarily suspended, it’s pretty important to understand how Kabbage funding works. The key to deciding if a working capital option like this one is right for you is to understand repayment terms.

So, if a business gets a loan from Kabbage, they will repay the funds over 6, 12, or 18 month terms. These loans have APRs that range between 24% and 99%. Each month, the borrower will repay a portion of the principal owed plus an additional 1 to 10% of the total funds toward the interest.

As with most loans, the interest you pay will be higher during the first portion of repayment. For example, a six-month loan requires 10% interest in addition to the principal payment for the first few months. After that, the interest amount decreases. Sadly, borrowers do not get a break for early repayment.

PPP Loans via Kabbage

In response to the US Stimulus bills passed in 2020, Kabbage offered Paycheck Protection (PPP) loans. After August 8, 2020, the Small Business Association (SBA) is no longer accepting new applications. So, you can no longer apply for one of these loans with Kabbage or anyone else.

While the brand seemed to leave some small business applicants unsatisfied, let’s be fair — nobody knew what they were doing as this was an unprecedented time for everyone. Furthermore, Kabbage was the second largest provider of PPP loans in the nation by application volume.

So, I would try to cut their reputation some slack. And, if there’s ever a similar round of funding offered, my guess is that the staff at Kabbage will know better than anyone else what not to do.

Final Summary

Right now, Kabbage’s desktop web app and mobile app both seem a little wonky. I’m assuming this is because they’ve furloughed staff and cut back on their service offer for the time being.

There’s no telling when and if they may offer their core loans again, as this will likely be dictated by the global economy as we rise back up from the effects of the Coronavirus. In the meantime, if it’s relevant for your operations, I would check out Kabbage Payments because the low transaction fees are great.

As far as the business checking accounts and insights platform are concerned, I would recommend going with more established solutions — at least until Kabbage revamps their offer (I wouldn’t expect this to happen until at least winter or possibly even Spring, 2021).

Kabbage is a legitimate FDIC-insured lender with an eleven-year track record of delivering convenient financial services to small businesses. If and when they reopen their doors for business funding, they are likely to come up with something fresh, unique, and trustworthy.

In the meantime, explore your other options. And, if you’re interested in learning how to obtain up to $100K in business credit in as few as 30 days, start here!


Initial Deposit Required	$10	$50
Direct Invoicing	Yes	No
Automated Budgeting (Envelopes)	Yes	No
Business Tool Integrations	12	7
ATM Fees	Free at BBVA Compass & Allpoint ATMs	Refunds All ATM Fees
NSF Charges	$0	$27
Business Financing	Streamlined Kabbage Business Loans	No
Business Tool Savings	No	Cash Savings with Merchants Like Stripe, Google Cloud, Quickbooks, & More