Earlier today, Portland’s Simple — one of the companies that helped inform this generation of the Portland startup community — announced that they were shutting down. But unfortunately, they’re not the only Portland fintech affected by the BBVA USA sale to PNC. Azlo — often referred to as “Simple for business banking” — which also has a significant Portland presence and was part of the BBVA-PNC deal, is being shut down, too.
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.
Cameron Peake, Founder and CEO The Azlo Team
More news as it develops.