Montreal’s Zūm Rails announced today that they have formally established its U.S. headquarters in Miami and their CEO Miles Schwartz will permanently relocate to Florida.
According to today’s announcement, the payments technology company saw a 75% increase to its U.S. business over the last year and is now preparing for at least 50% of its overall revenue to originate stateside within the next 18 months.
It’s now seeking to expand its reach among companies in retail, real estate tech and lending that disproportionately benefit from being able to send and receive payments seamlessly via any rails they want.
Zūm Rails selected Miami due to its emergence as a destination for some of the country’s largest technology and finance corporations following the Silicon Valley exodus of tech talent in recent years.
Over the past five years, Zūm Rails has grown to process billions (more than $1 billion) in monthly payments on its platform by enabling businesses to centralize their payments processes while using whatever payment rails they want, including Visa Direct, ACH, credit, debit, across different countries and having all funds settle into the same place.
More than 1,000 businesses in Canada trust Zūm Rails to provide open banking and instant payments capabilities—two functionalities that the local government has been working to introduce for years—while streamlining payments processes.
Zūm Rails will simultaneously continue scaling its work in Canada as part of its overall North American expansion strategy.
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