Beaches and warm weather maybe the first two things that come to mind when one thinks of Miami, but ‘fintech hub’ might be becoming another defining characteristic for the city. Miami’s diverse demography also owes to its emerging status for a hot fintech market.
Take for example the startup Waleteros, a banking app geared specifically to serve the underbanked U.S. Hispanic customer. Founded in June 2016, Waleteros serves as virtual prepaid credit card for everyday use. Founded by Sergio Carrera and Etienne Gillard, the company has raised a total of $530K in equity funding.
Then there’s ClassWallet, an app geared specifically to help schools. This virtual wallet streamlines the process of payments and reimbursements for teachers and schools alike. The app enables teachers to manage cash, checks, receipts, reimbursements and forms, essentially cutting their administrative workload. Additionally, the app connects funders and buyers to teachers. For example, a teacher receives a certain amount of money for class supplies, which they can pay for through the app. Founded by Neil Steinhardt, James Rosenberg, and Jamie Rosenberg in 2014, the app has processed over $10M in transactions, according to its website. The company has a total of $4.04 million in funding.
Catering to Miami’s entrepreneur demography is a startup like InvestReady, formerly known as Accredify. This company uses API integration to allow crowdfunding portals to verify investors, thus simplifying the tedious compliance and verification process. The company, which was founded in 2014, has to date raised $120K in funding.
Stay tuned… More is to come from the sunny shores of Miami.