Fintech firm MyBambu shutting down

MyBambu’s Shutdown Details

Overview of the Closure

MyBambu, a fintech startup based in West Palm Beach, is permanently shutting down its operations. The company will lay off all 141 employees, with the closure expected to be completed by the end of December 2025.

Reasons for Shutdown

• The closure is due to the unexpected loss of MyBambu’s primary source of funding.
• The company attempted emergency fundraising but was unable to secure sufficient resources to continue operations.

Timeline of Layoffs

• October 31, 2025: The first wave of layoffs affected 100 employees.
• By December 31, 2025: The remaining 41 employees will be laid off.

Company Background

• MyBambu moved its headquarters from Memphis to West Palm Beach in 2021.
• The firm had plans to expand and create 200 new jobs, but these plans have now been abandoned.

This situation highlights the challenges faced by startups in securing consistent funding and the rapid changes in the fintech industry.