By Riley Kaminer
For Miles Schwartz, co-founder and CEO of Zum Railsthe recent decision to move to Miami was very simple. “I realized, wait, none of my clients live here in Montreal,” he said. Refresh Miami. “Very few employees live here. We have an office in Miami and everyone wants to meet me there. It was sort of a no-brainer.
Zūm Rails, founded in 2019, offers a platform that helps businesses manage payments and risks in real time. While many companies in the industry focus on just one aspect – like Know Your Customer (KYC) checks or payment processing – Zūm Rails has integrated everything into a single system.
“We validate the user, ensure there are funds in their account, check for fraud and transfer the money in real time,” Schwartz said. The company’s solution works in the background, so customers often don’t even know they’re interacting with Zūm Rails technology when making payments.
After Zūm Rails gained traction in Canada, the team began building a similar platform for the US market. In January, they were live and the immediate response was overwhelming. “About 40 to 45 percent of the U.S. customers we spoke with were based in Miami,” Schwartz said. This continued pull toward South Florida made it clear that moving the U.S. headquarters to Miami — and Schwartz himself — was the logical next step.
Since its launch, Zūm Rails has grown to 60 employees and is positioned for rapid expansion. While the Miami office currently has four employees, Schwartz anticipates a strong hiring push over the next 18 months. “Our goal is to have 50% of our revenue come from the United States and have almost half of our team based here,” he said.
Zūm Rails works with financial services companies, from fintech platforms to mortgage services to crypto exchanges. The company’s technology allows businesses to move money quickly and securely between accounts while managing risk in real time. “A lot of companies do real-time payments or identity verification, but no one had that all set up – until we did,” Schwartz explained.
Schwartz sees Miami as a gateway to even broader expansion. “Latin America and Europe are next on our roadmap,” he said. “The platform we have built is scalable and can easily be adapted to new markets. »
Schwartz also highlighted Miami’s emerging status as a tech hub and was pleasantly surprised by the concentration of tech founders and already established companies there. “It’s exciting and a great place to meet clients in person. What better place to build American operations?
As Zūm Rails continues to grow, Schwartz is confident that its growth in the United States will mirror its success in Canada. “From the beginning, we took a product-first approach,” he said, explaining how they recruited top engineering and compliance talent early on to ensure smooth expansion in the U.S. . “Now we’re ready to scale quickly here, and all I have to do is get out there and tell more people about it. »
The company’s next big goal? Banking-as-a-Service, an initiative that will allow businesses to offer prepaid and digital cards, linked to the Zūm Rails payment system. “We’re giving large organizations the opportunity to become banks,” Schwartz said. “All of this helps make payments as smooth and efficient as possible. »
“We are building something big here,” he continued. “And Miami is the perfect place to do it.”
READ MORE IN REFRESH MIAMI:
I’m a Miami-based technology researcher and writer passionate about sharing stories about South Florida’s tech ecosystem. I particularly enjoy learning about GovTech startups, cutting-edge applications of artificial intelligence, and innovators leveraging technology to transform society for the better. Still open for locations via Twitter @rileywk or www.RileyKaminer.com.