Rapyd introduces $100 million Miami Tech Power Initiative

By Pavithra R

Rapyd, a global FinTech as a Service company has announced its ‘ $100 Million Miami Tech Power Initiative’, a new initiative with the City of Miami to bolster the growing technology and startup industry. 

Under the program, Rapyd will waive payment processing fees of up to $5 mn for 20 companies, $100 mn in total, for companies interested in relocating and for companies already based in the city. The program will be launched in Miami first and will be rolled out in other emerging technology centers across the country in the future. The program aims to strengthen the tech ecosystem and empower companies to expand their global digital footprint. 

“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. 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,” said Eric Rosenthal, Vice President and Managing Director of the Americas for Rapyd. 

Miami’s tech ecosystem has undergone a tremendous acceleration in the past years as a center of innovation and an environment that is friendly to startups and established businesses looking to grow. The new initiative from Rapyd, in collaboration with the City of Miami, aims to attract high-tech companies and talent to the city and support their growth.

“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. 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,” said Francis Suarez, the Mayor of Miami.

Founded in 2016, Rapyd is a trading name of CashDash UK Limited. The company offers FinTech-as-a-Service platform with various local payment methods and services. Its solution portfolio includes collect, disburse, wallet and issuing.