Fintech Firm Takes 35K SF of Office Space in West Palm Beach

A fast-growing financial technology company has moved into 35,000 square feet of office space in West Palm Beach, Fla., the Business Development Board of Palm Beach County said Wednesday.

MyBambu, which focuses on bringing Latino immigrants into the U.S. banking system, took the space at the Press Building at 2751 South Dixie Highway. Boca Raton-based Pebb Capital and Sabal Investment Holdings acquired the 140,000-square-foot building, which once was solely the headquarters for the Palm Beach Post, about a year ago. (The publication is now a tenant at the property, where asking rents are $40 to $45 a square foot, according to Loopnet.)

MyBambu recently moved from a smaller space on Clematis Street in Downtown West Palm Beach. About 160 people work in the new headquarters, said Val Infante, MyBambu’s president of operations.

“A lot of people are working remotely,” Infante said during a news conference Wednesday. “We as a company have decided to move away from that.”

In a common fintech model, MyBambu connects consumers with a traditional financial institution. The company partners with Community Federal Savings Bank of Woodhaven, N.Y., setting up checking accounts on behalf of immigrants.

One selling point: MyBambu customers can send money overseas for just 85 cents a transaction, far less than the fees immigrants typically pay to send remittances to Latin America. 

Savills Managing Director Michael Wernick and senior managing directors Lawrence Epstein and David Browne represented MyBambu in lease negotiations. 

Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.