What's going on with Azibo? Any recommendations?

[Garrett Ramela]

Seems like Azibo's banking offering is closing down this week. Any one know why? I'm also interested in alternatives that have banking, rent collection, bookkeeping, etc. Any recommendations would be appreciated!

[Simon W.]

Quote from @Garrett Ramela:

Quote from @Simon W.:

I already knew something like this was going to eventually happen. When you have employees promoting the platform like it is the best platform ever and free accounting services, it was going to go down sooner or later.

Pretty sure their other services are going to go down shortly.

Baselane is offering assistance I believe, but they are just like Azibo. Eventually, they will follow the same fate.

If you are dealing with FinTech. it is going to happen.

 Interesting, thanks for sharing! Do you think this issue is specific to banking services or what do you think is the root cause? I get FinTech is a high-risk activity, but imagine the industry will consolidate to one or a few strong players. I heard Baselane is offering assistance, so I will check that out, thanks!

I don't have any specifics but as someone who is into tech, accounting/finance, and a consultant to grow businesses. I can only imagine that they got a bunch of big time investors and business loans to grow this out. They pay themselves good "salary" from the loans they get. Once the funds are up and they can't repay the loan(s) back because offering free services are just enticing new investors that do not have a real system setup. No one wants to pay for anything. 

Realistically, to make the business work, they are hoping all the people who are using the "free services" to eventually go into banking where they can collect fees for anything bank related. They aren't the actual bank so need to upcharge these fees and hoping in volume they can make enough to continue operating. 

More than likely, the same people created these startups are doing pump and dump. They will just create the same exact system and rebrand it. They will try to partner up with some CPA from BP and market to BP members. In this case, Azibo was super strong on bugging me when they first started. It all starts like that. Baselane is doing the samething, it gets flooded with promotion on these platforms.

The said CPA or his team actually got my client into trouble with the IRS. Something I caught within 10 minutes of looking at the financial. This is also why I think Azibo will go down. I look at who the company associated with.

These are just my opinion about it. I have no facts so take my opinion with a grain of salt.