The Business Development Board of Palm Beach County (BDB) is pleased to announce the expansion of MyBambu, a financial technology platform that opens doors to unbanked Hispanics in the United States. The company will open a 6,500 sq. ft office at 221 Clematis Street, Suite 300 in West Palm Beach and create 82 new jobs with an average salary of $68,250. The expansion is projected to create a capital investment of $405,000.

About the expansion:

  • Financial services and virtual banking industry
  • 82 new jobs
  • $68,250 average salary
  • $405,000 capital investment
  • Located at 221 Clematis Street, Suite 300, West Palm Beach, FL

The Business Development Board assisted the company with expedited permitting and local connections, as well as introductions to the City of West Palm Beach which provided the incentives to assist with MyBambu’s expansion. MyBambu is poised to become the leading financial solution for the Hispanic market, currently offering immediate international money transfers to 18 countries in Latin America in under 35 minutes. It’s currently the only neobank in the United States in which 92% of its active users are Hispanic. The technology platform utilizes elastic on-demand cloud-based infrastructure, which allows the company to endlessly scale to accommodate future growth.

MyBambu is insured with the Federal Deposit Insurance Corporation (FDIC) and has a completely secure encryption system that keeps funds safe. It’s one of the few platforms to allow anyone to open an account without monthly fees or an SSN required. The user only needs an ID issued by the government of their country and allows individuals access regardless of their immigration status to start their financial growth journey.

“We are here to revolutionize the way immigrants do financial transactions. We want to promote financial inclusion to the unbanked and provide them with the most effective, safe, and convenient way to manage their funds,” said Val Infante, Chief Operating & Marketing Officer, MyBambu.

“We appreciate the continued support from the City of West Palm Beach and are excited to announce that we have created over 75 jobs since we relocated. MyBambu’s expansion as a fintech will continue to develop more career opportunities for local residents,” said Pedro Infante, Chief Compliance & Business Development Officer, MyBambu.

“The incentives provided by the City of West Palm Beach assisted the expansion of MyBambu,” said Keith James, Mayor of the City of West Palm Beach. “I am excited for the innovation that their company will bring within the Fintech sector.”

“MyBambu combines cutting-edge technology with financial services and is a perfect example of the rising sector of Fintech in Palm Beach County. More companies than ever before are relocating and expanding to join Palm Beach County’s 2,897 financial service firms and 2,189 infotech companies,” said Kelly Smallridge, President and CEO of the Business Development Board of Palm Beach County.

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