Nov 21, 2022

Miami is becoming a hub for cross-border fintech payments – here’s how

Gary Palmer, CEO, Payall

By Riley Kaminer November 16, 2022

Via. Refresh Miami

Our international finance and crypto prowess has led the Magic City to become a hotspot for innovators working to make it easier to send money abroad

We live in an increasingly digital world. In a context where almost 85% of tech companies are either fully remote or hybrid, it is more common than ever to have co-workers spanning across the globe. In turn, that has led to a rising trend of ‘digital nomads’ who hop from country to country while they work virtually. And of course, it is more common than ever to live abroad – and to have family and friends residing in another country.

But there is one common issue that ties all of these trends together: transferring money from one country to another.

Long story short, it’s complicated – nothing like the quick Zelle or Venmo transactions we have become used to in the US. Increasingly, Miami startups are working to facilitate payments across borders. And some of our companies are making waves internationally in the space. We will get to that.

In September, cross-border payment platform Payall snagged a $10M seed round led by a16z and followed by PS27 Ventures. The startup sells white-labeled software to banks, enabling them to offer quick and inexpensive cross-border payments while mitigating the accompanying risks.

“We want to make sure that the product is inclusive – and that banks can deliver money efficiently to anybody on the planet, even if they don’t have a bank account, and in near real time and at a fraction of the cost of the normal cross-border product through a bank,” said Payall president, CEO, and chairman Gary Palmer.

Keep up to date with PS27: