A West Palm Beach fintech firm that boasted it would bring 200 new jobs to the area is already shutting down operations.
MyBambu, a financial services company that moved its base of operations from Memphis to West Palm Beach in 2021, moved into a new 35,000-square-foot office space on Dixie Highway in July.
WFLX was there when CEO Douglas Quay remarked, “We are getting ready to grow significantly.”
Just three months later, the company is laying off all 141 employees and ceasing operations by the end of December, according to a Worker Adjustment and Retraining Notification Act (WARN) notice dated Oct. 31.
The company states in the notice that this decision was made “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.”
MyBambu boasted a range of services, from money transfers and banking to food delivery. In July, the Business Development Board of Palm Beach County said the company planned to add about 200 employees, bringing the total amount of employees to around 350 people.
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