WEST PALM BEACH, Fla. (CBS12) — MyBambu, a fintech startup headquartered in West Palm Beach, is permanently shutting down its operations and laying off all 141 employees at its local office, according to a Worker Adjustment and Retraining Notification (WARN) Act notice filed with the Florida Department of Commerce.
The layoffs will occur in two waves: the first group of 100 employees was let go on October 31, and the remaining 41 are expected to be terminated by December 31, according to the notice. The company’s office, located at 2751 S Dixie Hwy #420, will be fully closed by the end of the year.
In a letter dated October 31, CEO Douglas P. Quay said the closure was triggered by the sudden loss of MyBambu’s primary and historical source of funding. The company initiated emergency fundraising efforts upon learning of the financial shortfall, but those efforts have not yielded sufficient results to continue operations.
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“MyBambu has carefully analyzed its current financial situation, has considered the minimum resources necessary for an orderly wind-down, and is providing as much notice to affected employees as it believes funding levels permit,” Quay wrote.
The layoffs span multiple departments, including customer care, compliance, marketing, technology, account opening, and human resources, according to the notice. None of the affected employees are represented by a union, and no bumping rights exist, according to the notice.
Founded with the goal of providing digital financial services to underserved communities, MyBambu had positioned itself as a rising player in the fintech space. The company’s sudden collapse underscores the volatility of the startup ecosystem, particularly in sectors reliant on sustained investor backing.
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