Online Banks to Consider for Small Businesses Affected by Azlo Closing

Azlo will be closing all business bank accounts on March 31st, 2021. When I was considering banks for Bentodesk in early 2019, there weren’t many online banks for small businesses. Azlo was one of the few reputable online banks that I came across. We’ve banked with them since March of 2019.

Azlo has provided an excellent banking experience for the past two years. We’re sad to see them closing.

The online small business climate has changed dramatically since 2019. Now there are many online banks for small businesses that are accepting applications.

Here are several to consider:

I decided to sign up for a business checking account with Novo. Here are the primary reasons why:

  • Stripe integration
    • “Will allow you to see your Stripe Available Balance, the funds that are set to be paid out to your external bank, and the funds that are about to settle into your Stripe account.” – See What does Novo’s Stripe Integration do?
  • QuickBooks Online integration
  • Perks, including $20,000 in fee-free card processing through Stripe (a total savings of $500)
    • See the entire list of perks here

I want to note a con of Novo that I was not aware of until after I signed up: Novo does not offer multi-factor authentication as of January 29th, 2021. See their post about it here. It is on their roadmap.

I hope this list of online banks is helpful. Do you use an online bank for your business? If so, who do you bank with and how has your experience been? 🟧