The Finance & Fintech Firms That Have Opened Offices in Florida Recently

The financial sector has always been seen as the backbone of any economy. With the advent of technology, this sector has evolved into what we now know as fintech, a blend of finance and technology, offering a myriad of innovative solutions. The U.S. has been a significant player in this evolution, with many states becoming hubs for fintech and finance companies.

Florida, known for its sunny beaches and vibrant culture, is now also becoming a hotspot for fintech and finance firms. But what exactly is drawing these companies to the Sunshine State?

Tax Benefits: One of the primary attractions of Florida is its favorable tax climate. The state has no personal income tax and offers competitive corporate tax rates, which is a significant draw for businesses looking to optimize their tax obligations.

Talent Pool: With several well-reputed universities and colleges, Florida boasts a rich talent pool, especially in the fields of finance and technology. This availability of skilled workforce is a lure for fintech and finance firms.

Cost of Living: The relatively lower cost of living compared to other financial hubs like New York or San Francisco is another compelling reason for companies and their employees to consider relocating to Florida.

Recent Office Openings in Florida:

• Intermex: International Money Express, also known as Intermex will move into 40,298 square feet of office at 9100 S. Dadeland Blvd. in the One Datran Center late this year or early next year. It will be less than a half-mile away from Intermex's current corporate headquarters, a 32,216-square-foot office building at 9480 S. Dixie Highway.

• Banesco: A South Florida bank, Banesco has officially opened its new 60,000-square-foot headquarters in western Miami-Dade. Banesco USA's main offices are now at 3155 N.W. 77th Ave. in Doral, a four-story building that it acquired in December 2020 for $11.95 million and substantially renovated.

• KPMG LLP: The U.S. audit, tax, and advisory firm has announced the opening of its new Capability Center, located in the innovative Lake Nona community in Orlando. The KPMG Capability Center brings 350 new jobs to Orlando.

• CardWorks Inc. NY: CardWorks, a leading provider of servicing, operational support, and portfolio management to credit card issuers and installment lenders, has announced the opening of its third operational center in Orlando, Florida. This move is expected to create approximately 240 new jobs over the next two years.

• Home Lending Pal: An Orlando mortgage lending tech firm, may move its offices to downtown and add jobs. Home Lending Pal Inc. is being considered for up to $990,500 in job creation incentives as part of the Orlando community redevelopment agency's High Wage/High Value Job Creation Program.

• Citadel and Citadel Securities: Citadel, the $51 billion hedge fund founded by billionaire investor Ken Griffin, is moving its global headquarters to Miami from Chicago. The decision to relocate was motivated by Florida's business-friendly climate and tax advantages, and concerns about rising crime rates in Chicago.

• FundKite: FundKite, a fintech company founded in New York, is relocating its headquarters to downtown Miami, creating up to 50 jobs in the area.

• Paysafe: London-based fintech company Paysafe plans to establish its North American headquarters in Jacksonville, with expectations of bringing about 600 jobs to the area over the next three years.

• CI Financial: Canadian asset management firm CI Financial is doubling down on its new U.S. headquarters in Miami’s Brickell. The company is expected to open its Miami office in early 2023, creating many job opportunities.

• Thoma Bravo: Anaplan, a cloud-based business planning and analytics software provider, will relocate its base to Miami in early 2024 after being acquired by Thoma Bravo for $10.4 billion. The exact location of its Miami office remains undisclosed.

• BlockTower Capital: A leading institutional investment firm focused on cryptocurrency and blockchain technology, has moved its headquarters from New York City to Miami, demonstrating their commitment to supporting the industry's continued institutionalization.

Future Projections: Florida’s journey to becoming a fintech and finance hub is just at the cusp. With the continued efforts by the state to foster a conducive business environment, the trend of companies moving to Florida is expected to surge. As more firms recognize the benefits of establishing a presence in the state, Florida's reputation as a financial and fintech hub is likely to grow, further solidifying its position in the industry.