Rapyd’s $100 Million Miami Tech Power Initiative will support local and global growth for tech companies in Miami or seeking to relocate to Miami while fueling the global digital payments transformation observed since the start of COVID-19
Rapyd, a global Fintech as a Service company, has announced a new initiative with the City of Miami to bolster the growing technology and startup industry — Rapyd’s $100 Million Miami Tech Power Initiative. With this program, Rapyd has committed to waiving payment processing fees of up to $5 million for 20 companies, $100 million in total, for companies interested in relocating as well as for companies already based in the city. The program is being launched in Miami first with the potential to be rolled out in other emerging technology centers across the country in the future, and aims to strengthen the tech ecosystem and empower companies to expand their global digital footprint.
Miami’s tech ecosystem has undergone a tremendous acceleration over the past year as a center of innovation and an environment that is friendly to startups and established businesses looking to grow. Companies seeking locations with lower costs for themselves and their employees and a more sustainable standard of living, coupled with world-class infrastructure, and an excellent education system are all factors driving its growth. Rapyd has had a presence in Miami since 2018 and given its own short life span has been committed to Miami for years. It has long been bullish on Miami as a launch pad for US and Latam market entry. This new initiative is one of the latest initiatives from Rapyd, in partnership with the City of Miami, to attract high-tech companies and talent to the city and support their growth.
“The world is becoming more ‘local’ with an increased focus on creating authentic experiences. Rapyd specializes in connecting business and consumers no matter where they are located or what they do, starting in local markets and expanding into strong global connections to break down boundaries,” said Eric Rosenthal, Vice President and Managing Director of the Americas for Rapyd. “We see that Miami is rapidly becoming a central destination for technology development. Our goal is to work with local ecosystems that are looking to change the way business is done globally and make investments to help power that growth. Miami represents this “shift” as a rapidly emerging destination of technology development and innovation which is why Rapyd is making this investment in the local ecosystem.”
In addition to companies and employees moving to new locations, COVID has prompted businesses that used to focus on selling locally to expand into global markets. Rapyd’s initiative will empower these businesses to get their international plans off the ground or expand their operations into new markets which will power the next generation of commerce without borders.
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“We are thrilled to be partnering with Rapyd on this new initiative as it will further accelerate the exciting tech ecosystem developing in Miami by providing local companies with the payment infrastructure they need to grow and succeed locally and internationally,” said Francis Suarez, the Mayor of Miami. “Our city will continue to welcome new companies and employees working remotely, as well as support local businesses working to expand their international markets, and we thank Rapyd for their support.”
Rapyd’s platform enables companies to quickly adopt and offer locally preferred payment methods through an easy-to-use API while managing diverse compliance and regulatory requirements. Businesses can collect and disburse send payments without having to build their own infrastructure through the Rapyd Global Payments Network which supports hundreds of local payment methods including cards, bank transfers, ewallets, and cash – in over 100 countries around the world.
