MyBambu
MyBambu was a mobile-first, bilingual digital bank serving the US Latino and immigrant community, offering a no-fee FDIC-insured checking account, Visa debit card, remittances to 13+ Latin American countries, and integrated health, lease-to-own, and payment products via partner banks and networks.
- Company typePrivate
- Founded2016
- HeadquartersMemphis, United States
- Headcount101–250
- GTM typeB2C
- OfferingServices
What MyBambu does
MyBambu (legal entity Bambu Systems, LLC) was a mobile-first digital banking platform founded in 2016 and headquartered in West Palm Beach, Florida, purpose-built for the Latino and immigrant community in the United States. Its core product is a no-monthly-fee checking account accessed via an iOS and Android app, opened with any of 100+ types of foreign government-issued IDs and without immigration status verification; the account is FDIC-insured up to $250,000 through a Banking-as-a-Service relationship with Community Federal Savings Bank, paired with a Visa debit card (instant digital issuance, Apple Pay/Google Pay, and fee-free access to 120,000+ Allpoint ATMs). The app is bilingual (English/Spanish) and bundles a broader ecosystem around the deposit account: Bambu Pay P2P and external-card funding (free deposits, $1,000/transaction and $20,000/month limits), international money transfers to 13+ Latin American countries (first 4 free, then from $0.85 per transfer, with sub-35-minute settlement via MoneyGram, Servicio Uniteller Inc., and Spectrum Global Payment Solutions), barcode-based cash loads at 120,000+ US retail locations, direct deposit, mobile top-ups, gift cards, Venezuela food delivery via Family Box, cashback rewards, an insurance marketplace, tiered health subscriptions (Teladoc, Aetna Dental Access, MultiPlan ValuePoint, Amplifon), and a Shop on Us lease-to-own marketplace offering $500–$1,500 in pre-approval based on deposit history.
The business model is freemium with a no-fee banking core monetized through transaction-based remittance take-rates, recurring health-subscription tiers ($19.99–$34.99/month), cashback-affiliate revenue, lease-to-own commissions, and mobile top-up affiliate fees. Distribution is direct-to-consumer via app stores, supported by a multi-tier ambassador referral program (Bronze/Silver/Gold/Platinum) and community-event sponsorships (Calle Ocho, Barranquilla Carnival, Hispanic Heritage Festival). The company grew to 141 employees at peak and held a 4.5/5 aggregate customer rating across app stores and social platforms.
In November 2025 MyBambu ceased operations and laid off its entire workforce in two waves, closing its office by year-end after a sudden loss of funding and unsuccessful emergency fundraising. Cumulative disclosed primary funding was approximately $15.2 million (~$8.8M in 2016 and $6.37M sold of a $35M target in a January 2023 SEC Form D filing); revenue was not disclosed. No AI/ML capabilities, public APIs, or proprietary models are documented in the source material — the technology stack is built on partner integrations for substantive functionality (BaaS, card issuance, remittances, telemedicine).
MyBambu firmographics
Firmographics- Name
- MyBambu
- Legal name
- Bambu Systems, LLC
- Website
- https://mybambu.com
- Company type
- Private
- Founded year
- 2016
- Operating status
- Closed
- Headcount range
- 101–250 employees
- Short description
- MyBambu was a mobile-first, bilingual digital bank serving the US Latino and immigrant community, offering a no-fee FDIC-insured checking account, Visa debit card, remittances to 13+ Latin American countries, and integrated health, lease-to-own, and payment products via partner banks and networks.
- Ownership category
- akta.pro rank
MyBambu industry classification
Industry- Product category
- Digital Banking
- NAICS
- Credit Card Issuing (522210), Commercial Banking (52211)
- SIC
- Finance Services (6199), Miscellaneous Business Credit Institution (6159)
- akta.pro primary industry
- Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)
- akta.pro secondary industries
- Cross-Border Card-Based Transfers & Multi-Currency Cards (FSAGAKAE), International Bill Pay & Cross-Border Airtime/Top-Up (FSAGAKAM), BNPL Card / Virtual Card Programs (FSAKACAC)
Keywords
Where MyBambu is headquartered
LocationHeadquarters
- HQ city
- Memphis
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
MyBambu business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure
Revenue model
- International Money Transfer Fees: Transaction fees for remittances to Latin America. First 4 transfers free, subsequent transfers from $0.85. Transfers to Venezuela at $3.99 flat rate.
- Health Services Subscriptions: Monthly subscription tiers for healthcare discounts: $19.99/month (basic), $24.99/month (with physician/hospital discounts), $34.99/month (comprehensive). Includes Teladoc access, dental, vision, and lab discounts.
- Cashback Rewards Program: Rewards program where users earn cashback at participating merchants, credited automatically when balance exceeds $20. Partners include CVS, Disney, ESPN, fuboTV and other major brands.
- Shop on Us Marketplace: Lease-to-own arrangements for furniture, appliances, tires through partner retailers. Revenue from merchant partnerships and potential financing spreads.
- Mobile Top-Ups: Commission from mobile airtime recharges to the US and Latin America, with daily limits of 5 reloads and monthly value limits of $800 per recipient.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | International Money Transfers - First 4 free, then $0.85+ per transfer |
| Subscription | Monthly | Health Services Option 1 - $19.99/month |
| Subscription | Monthly | Health Services Option 2 - $24.99/month |
| Subscription | Monthly | Health Services Option 3 - $34.99/month |
| Transaction based/ take rate | Pay-as-you-go | Shop on Us - Pre-approval $500-$1,500 based on deposit history |
| Freemium | Pay-as-you-go | Bambu Pay Transfers - Free deposits, $1,000 transaction limit |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
MyBambu product offering
Product offeringCore offering
MyBambu operates a mobile-first digital banking platform that allows Latino and immigrant users in the United States to open FDIC-insured checking accounts using foreign government-issued IDs and access a bundled suite of services including a Visa debit card, P2P payments (Bambu Pay), international money transfers to 13+ Latin American countries, cash deposits at 120,000+ retail locations, telemedicine and healthcare discounts, lease-to-own (Shop on Us), cashback rewards, mobile top-ups, gift cards, food delivery to Venezuela, and an insurance marketplace.
Product overview
MyBambu is a fintech platform offering mobile banking and money transfer services specifically designed for the Latino and immigrant community in the United States. The platform operates on a unified mobile banking core (digital checking account with VISA debit card) enhanced by an extensive suite of integrated financial services modules including Bambu Pay for P2P and external transfers, International Money Transfers to 13 Latin American countries, Cashloads for deposits at 120,000+ locations, Direct Deposit, User-to-User P2P transfers, Mobile Phone Top-Ups, Digital Gift Cards, Food Delivery to Venezuela, Cashback Rewards, an Insurance Marketplace, Health Services (telemedicine and discounts), and Shop on Us (lease-to-own/buy now pay later). The core deposit account and debit card are FDIC insured through Community Federal Savings Bank, while specialized services are provided by partners including MoneyGram, Teladoc, and Aetna.
Differentiator
Problem solved
Functional benefit
Products and services
- MyBambu Mobile Banking Account Digital checking account designed for the Latino and immigrant community, allowing users to open accounts with foreign government-issued IDs from 100+ countries without immigration status verification. FDIC-insured up to $250,000 per ownership category through Community Federal Savings Bank.
- MyBambu VISA Debit Card Instant digital and physical Visa debit card with no minimum balances, no hidden fees, and no overdraft fees. Accepted worldwide, supports Apple Pay and Google Pay, and provides fee-free access to 120,000+ Allpoint ATMs. Physical card delivered within 15 business days.
- Bambu Pay Digital P2P payment service enabling MyBambu users to send and request money to and from non-MyBambu users via SMS/email links, with PCI-compliant security, free deposits, and card linking to Visa/Mastercard debit cards. Maximum $1,000 per transaction and $20,000 per calendar month.
- International Money Transfer International remittance service from the US to 13+ Latin American countries, with transfers completing in 35 minutes via MoneyGram, Servicio Uniteller Inc., and Spectrum Global Payment Solutions. First 4 transfers free, then fees from $0.85 (Venezuela flat $3.99). Limits of $1,000 per day and $10,000 per month.
- Send Money P2P Free instant transfers between MyBambu users with limits of $1,000 per transaction, $2,000 per day, and $16,000 per calendar month.
- Mobile Phone Top-Ups Airtime and data recharge service for mobile phones in the USA and Latin America, supporting leading telecom brands with daily limits of 5 reloads and weekly limits of 10 reloads per recipient, and a monthly value limit of $800 per recipient.
- Digital Gift Cards Purchase digital gift cards, services, and subscriptions from many brands. Available in El Salvador, Mexico, USA, and additional Latin American and Caribbean countries.
- Send Food (Food Delivery to Venezuela) Service allowing users to send food, cleaning supplies, personal care items, and toys to family and friends in Venezuela, with orders delivered to doorsteps via Family Box.
- Cashback Rewards Program Automatic cashback rewards program where users earn money back when using their MyBambu card at participating merchants (including CVS, Disney, ESPN, and fuboTV). Rewards are automatically credited once the balance exceeds $20.
- Insurance Marketplace Insurance marketplace offering tailored policies in one place through the MyBambu platform.
- Health Services Subscription service offering 24/7 medical attention and healthcare discounts for the user plus up to 4 family members, including telemedicine via Teladoc ($15/visit), prescription discounts up to 85% off via Drexi, dental savings via Aetna Dental Access (15-50% off at 262,000+ locations), vision, lab testing, hearing aids via Amplifon, and physician/hospital discounts via ValuePoint by MultiPlan (10-40% off at 340,000+ providers).
- Shop on Us Buy now pay later and lease-to-own service enabling purchases of furniture, mattresses, hardware (via Ace Hardware / Bolster), and tires (via Tire Agent) through flexible installment plans without credit checks. Pre-approval of $500 to $1,500 based on deposit history in the MyBambu account; initial payment of $29 required.
Companies that use MyBambu
Customer profileNamed customers7 records
Segments4 records
Ideal customer profiles3 records
MyBambu technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration15 records
Feature5 records
MyBambu partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered core and supporting.
- AllpointcoreATM network partnership providing MyBambu customers fee-free access to 120,000+ ATMs across major US retail chains including CVS, Walgreens, Costco, and Chevron for cash deposits and withdrawals.
- Community Federal Savings BankcoreBanking-as-a-service partner that issues FDIC-insured deposit accounts and Visa debit cards. Deposits are insured up to $250,000 per ownership category. This is the issuing bank for all MyBambu financial products.
- MoneyGramcoreInternational money transfer provider enabling remittances from the US to Latin America. One of three IMT providers along with Servicio Uniteller Inc. and Spectrum Global Payment Solutions.
- Spectrum Global Payment SolutionscoreInternational money transfer provider (NMLS ID 937914) enabling remittance services to Latin America. Part of the IMT provider network alongside MoneyGram and Servicio Uniteller Inc.
- Servicio Uniteller Inc.coreInternational money transfer provider enabling remittances to Latin America. Part of the three-provider IMT network including MoneyGram and Spectrum Global Payment Solutions.
- VisacoreCard network partnership for Visa debit card issuance enabling worldwide acceptance. Also provides Visa Paycam and ATM network access for deposits.
- TeladoccoreTelemedicine provider offering 24/7 access to doctors by phone or online video for $15 per visit as part of MyBambu's health services tier.
- Aetna Dental AccesssupportingDental discount network providing 15% to 50% savings at over 262,000 dental practice locations for MyBambu health services subscribers.
- ValuePoint by MultiPlansupportingHealthcare provider network with over 340,000 physicians, ancillary facilities, and hospitals offering 10% to 40% discounts on medical services for MyBambu health subscribers.
- Shop on UscoreLease-to-own marketplace partner enabling MyBambu customers to purchase furniture, mattresses, hardware, and tires through installment plans without credit checks, based on deposit history.
- Family Box (Venezuela)supportingVenezuelan food delivery partner for MyBambu's Send Food service, delivering food and essential items to recipients' doorsteps in Venezuela.
Scale indicators5 records
Recent moves6 records
Expansion highlights4 records
MyBambu competitors and assessment
Company assessmentBroad incumbents
- Xoom (PayPal): PayPal-owned cross-border money transfer service offering deposits to bank accounts, mobile wallets, and cash pickup in Latin America; overlaps directly on remittance corridors MyBambu served.
- MoneyGram: Global money transfer giant (and a MyBambu partner for IMT) with extensive Latin America cash-pickup network; comparable core remittance functionality at vastly greater scale and brand recognition.
- Mercado Pago: Mercado Libre's digital wallet and payment platform dominant across Latin America; comparable in serving Latino consumers with payments, credit, and merchant services, though primarily in-country rather than from the US.
- Chime: Largest US neobank with fee-free checking, debit cards, and savings; comparable mobile-first banking proposition but serves a broader demographic and operates at significantly greater scale.
Direct peers
- WorldRemit: Digital remittance platform covering 130+ countries with mobile wallet payouts; comparable cross-border remittance product and diaspora customer base.
- Varo Bank: Mobile-first digital bank with FDIC-insured deposit accounts, early direct deposit, and cash advances; comparable as a challenger bank focusing on underbanked US consumers.
- Current: Mobile banking platform offering deposit accounts, debit cards, and credit-building tools; comparable focus on underbanked consumers and modular product expansion.
- Novo: Digital banking platform focused on freelancers, small businesses, and immigrant founders; comparable underserved-segment targeting and digital-first checking account model with no monthly fees.
- Wise (formerly TransferWise): Multi-currency accounts and cross-border transfer platform for individuals and businesses; comparable in cross-border transaction infrastructure and account/wallet functionality, though typically serving higher-income expats.
- Remitly: Mobile-first remittance and digital banking platform serving immigrants sending money to Latin America, the Philippines, and India; directly competes with MyBambu on cross-border corridors and underbanked customer onboarding.
Market position
Strengths3 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
MyBambu social profiles
Digital presenceMyBambu compliance and trust
Trust signalCompliance3 records
MyBambu financial estimates
Financial estimateRevenue estimate
Valuation estimate
MyBambu leadership team
Management profileNumber of profiles
Profiles6 records
MyBambu funding detail
Funding detailFunding overview
Funding rounds3 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
MyBambu M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about MyBambu
What does MyBambu do?
MyBambu operates a mobile-first digital banking platform that allows Latino and immigrant users in the United States to open FDIC-insured checking accounts using foreign government-issued IDs and access a bundled suite of services including a Visa debit card, P2P payments (Bambu Pay), international money transfers to 13+ Latin American countries, cash deposits at 120,000+ retail locations, telemedicine and healthcare discounts, lease-to-own (Shop on Us), cashback rewards, mobile top-ups, gift cards, food delivery to Venezuela, and an insurance marketplace.
Is MyBambu a public or private company?
MyBambu is a private company. It is classified as venture growth investor backed and is currently closed.
When was MyBambu founded?
MyBambu was founded in 2016. It employs 101 to 250 people.
Where is MyBambu based?
MyBambu is headquartered in Memphis, United States, in the North America region.
How does MyBambu make money?
Five revenue lines are on record. International Money Transfer Fees are the primary driver. The others are health Services Subscriptions, cashback Rewards Program, shop on Us Marketplace and mobile Top-Ups.
Who are MyBambu's main competitors?
Broad incumbents on record are Xoom (PayPal), MoneyGram, Mercado Pago and Chime. Direct peers are WorldRemit, Varo Bank, Current, Novo, Wise (formerly TransferWise) and Remitly.
Does MyBambu have an API?
No public API is recorded for MyBambu.
What industry is MyBambu in?
MyBambu's product category is Digital Banking. Its primary akta.pro industry code is FSAMAIAG, Multi-Currency Accounts, Wallets & IBAN Services, with a secondary code of FSAGAKAE, Cross-Border Card-Based Transfers & Multi-Currency Cards. Its NAICS code is 522210 and its SIC code is 6199.