MyBambu served Hispanic immigrants in the U.S. It moved to West Palm to be part of the ‘Wall Street South’ scene and hoped to grow to 300 employees.
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WEST PALM BEACH — A fintech company that serves Hispanic immigrants in the U.S. is permanently is in the process of shutting down operations, closings the 35,000-square-foot headquarters it opened four months ago in West Palm Beach.
MyBambu reported it will lay off all its 141 employees by December 2025, according to a state filing posted on Oct. 31 by the company’s CEO Douglas Quay. The company moved to West Palm Beach from Memphis in 2021 to be part of the city’s burgeoning “Wall Street South” business community.
“MyBambu is providing this notice as soon as practicable after unexpectedly learning that the main and historical source of funding for MyBambu’s operations would end, depriving MyBambu of funding necessary for running its operations and necessitating the commencement of an orderly wind-down,” Quay wrote in the state filling.
The filing did not specify the source of that money.
Quay said the company had started an emergency fundraising campaign that is still ongoing but chose to begin an “orderly wind-down” of operations after analyzing its resources.
MyBambu offered financial services such as national and international money transfers services, debit card banking and insurance, particularly for minorities and immigrants communities.
In July, MyBambu opened its 35,000-square-foot office at The Press building at Belvedere Road and South Dixie Highway — the longtime home of The Palm Beach Post — and announced plans to double its workforce to 300 employees.
Four months later, the fintech company said it is poised to vacate the building by December.
This is a developing story. Check back with www.PalmBeachPost.com for updates.
Valentina Palm covers Royal Palm Beach, Wellington, Greenacres, Palm Springs and other western communities in Palm Beach County for The Palm Beach Post. Email her at vpalm@pbpost.com and follow her on X, the platform formerly known as Twitter, at @ValenPalmB. Support local journalism: Subscribe today.