MyBambu Expands Headquarters in West Palm Beach, Creating 190 New Jobs!

2751 S. Dixie Highway, West Palm Beach, Florida, United States - In a significant leap for local innovation, MyBambu, a burgeoning financial technology company, has officially set up shop in a sprawling 35,000-square-foot global headquarters in West Palm Beach. This expansion not only boasts modern facilities but also carries the promise of adding around 190 new jobs to its ranks.

Founded in 2016, MyBambu made a strategic move by relocating its headquarters from Memphis, Tennessee, to West Palm Beach in 2021. The company’s growth trajectory has been remarkable, transforming from a small office located above a nightclub to its new digs on the fourth floor of The Press Building at 2751 S. Dixie Highway, which is a hub of modern Class A offices and retail spaces.

Growing Workforce and Services

Currently employing 160 people, MyBambu aims to double its workforce to support its expansion. The new roles will encompass product development, customer care, operations, compliance, and marketing, reflecting the diverse needs of its increasing customer base. “This new environment will enhance collaboration and innovation,” stated Doug Quay, MyBambu’s founder and CEO.

Primarily catering to the Hispanic market, MyBambu offers services such as FDIC-insured deposit accounts, Visa-branded payment cards, and instant international money transfers to several Latin American countries in under 35 minutes. Notably, 92% of MyBambu’s active users in the U.S. identify as Hispanic, emphasizing the company’s commitment to this demographic.

This growth is further supported by insights from the Business Development Board of Palm Beach County, which highlights the influx of financial service firms into the area. President Kelly Smallridge remarked that MyBambu’s expansion is a testament to the county’s thriving business environment. Additionally, the area has become a fertile ground for skilled and bilingual employees, which Quay noted as a key asset for MyBambu’s plans.

West Palm Beach: A Thriving Tech Hub

This development is part of a larger trend. West Palm Beach is fast becoming a tech hub, contributing a whopping $26.4 billion to the economy as of August 2024. There are over 15,000 tech jobs generated from 2018 to 2022, matching the demand for skilled workers.

The city is home to 2,189 tech companies specializing in various sectors, including AI, blockchain, and cybersecurity. Prominent startups like Cyberfishing Inc., Nouvelle/Silk95Five, and Rocket are just a few examples of the local innovation landscape.

Organizations such as the West Palm Beach Office of Economic Development provide vital support for startups through mentorship programs, networking events, and low-interest loans. Local initiatives such as Palm Beach Tech unite entrepreneurs and offer a robust ecosystem for growth, enabling a vibrant community for future tech innovations.

In conclusion, MyBambu’s expansion reflects not just the company’s aspirations but also the broader momentum of West Palm Beach as a burgeoning center for financial technology and startups. With strong community support and a focus on innovation, the future looks bright for both MyBambu and the larger tech landscape in the region.