WEST PALM BEACH, Fla. — 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 over the summer — marking one of the largest leases in the city of West Palm Beach.
WPTV was at that July event featuring city and county leaders, when CEO Douglas Quay remarked, "We are getting ready to grow significantly."
WATCH: MyBambu closing West Palm Beach office
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 sent to the Florida Department of Commerce.
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."
A spokesperson for the company declined to answer WPTV’s questions about the letter. However, MyBambu sent us a written statement calling the letter “precautionary" because it’s working on raising money to keep the office open.
Multiple employees, who talked to WPTV off camera, said they are nervous and frustrated about the closure after recently changing offices. The letter said the first wave of layoffs, 100 employees, was expected on Oct. 31. The other 41 employees would likely lose their jobs by Dec. 31.
PREVIOUS COVERAGE: MyBambu expands in Palm Beach County
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.
Photos show MyBambu worked with the city of West Palm Beach and the Business Development Board of Palm Beach County, a nonprofit using public money to attract businesses to the area. However, both organizations said they didn’t give the company any incentives.
Previously, both used the company as an example of the area's economic growth in press releases.
A spokesperson for the city of West Palm Beach said the news about the company was “unfortunate to hear” and noted they have no responsibility to keep private businesses successful.
“The city is not responsible for the financial performance or operational success of private companies,” said Kat Joy, West Palm Beach spokesperson.
Kelly Smallridge, president and CEO of the Business Development Board of Palm Beach County, said the group wasn’t aware of the organization's struggles. She also said she was confident employees laid off would find new jobs because of the area’s unemployment rate.
READ THE NOTICE:
