A common concern when using a rather new startup banking service such as Azlo is what happens to your money if the startup should fail. Startups come and go every week, even if they happen to be providing an incredibly important function such as being a storehouse for your hard-earned cash.
Azlo is a relative newcomer to the business banking world–the startup was founded in 2017–and has come on strong with a suite of free offerings for small business owners. To read about our take on Azlo as a business banking solution, read our full review of Azlo here.
But what if the worst happens? What if you deposit all of your business’ cash in Azlo and the company fails some number of years from now. What happens?
Well, the good news is that Azlo is insured by the FDIC.
This means that depositors are covered for up to $250,000 per depositor, per insured bank, for each type of account category.
Azlo partnered with mega-bank BBVA in order to provide its banking services to startups. As part of this partnership, BBVA’s pre-existing FDIC insurance covers depositors using Azlo’s service.
So, if you’re worried about whether or not your money is safe with a banking startup like Azlo, rest assured that you are in good hands thanks to the FDIC’s insurance program.