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Fintech company promises hundreds of jobs for Jacksonville in exchange for millions in incentives

Nymbus, VyStar
Raymon Troncoso
/
WJCT News
Representatives of City Council, the Jax Chamber, Career Source, VyStar and Nymbus make their announcement Tuesday outside of the Jax Chamber.

Financial technology firm Nymbus is moving its headquarters from Miami Beach to Jacksonville with promises to bring hundreds of jobs with it.

Nymbus acts as a software developer for financial institutions, mostly community banks and credit unions.

The company made a deal with the city, approved by the Jacksonville City Council in August, that makes up to $1,831,500 available to Nymbus in the form of a targeted industry grant until Dec. 1, 2024. The grant disburses $4,500 to Nymbus for each new job created up to 407 jobs.

"I'm happy to see they are coming to Downtown Jacksonville," City Council President Sam Newby said Tuesday. "It is a great time to be in Jacksonville."

State funds are also involved. CareerSource Florida, the state's workforce policy and investment board, is providing up to $2.96 million as a "Quick Response Grant" that helps businesses recruit, select and train new employees. It will provide up to $4,000 per position for 673 new jobs.

"We are proud to support the financial and professional services or fintech sector. This is one that's very important to [Gov. Ron DeSantis]," said Dehryl McCall, senior director of CareerSource, a job assistance agency. "This strategy will support a seamless state and local talent solution."

On Nymbus' part, the company has agreed to invest $6.4 million through real estate improvements and other capital investments into the city and state.

VyStar Credit Union, whose downtown headquarters Nymbus is moving into, is a significant investor and partner for the fintech company.

WJCT News partner The Jacksonville Daily Record reported that VyStar made a $20 million investment in the fintech company's new Credit Union Service Organization, named Nymbus CUSO. VyStar is Nymbus CUSO's lead investor, and two VyStar executives hold leadership positions on the board of Nymbus and Nymbus CUSO.

VyStar Chief Member Experience Officer Joel Swanson, who sits on Nymbus' board, said the credit union would initially rent out 4,000 square feet to Nymbus, serving the first few dozen employees who move to the downtown headquarters.

Swanson said he hopes all 600 jobs will eventually be located at the VyStar building. More space will be rented out in phases as Nymbus hires more personnel. It would need tens of thousands of square feet to house 400 or more employees. VyStar's Downtown campus has over 380,000 square feet.

Nymbus also will develop VyStar's new online banking system, which Swanson said will tentatively begin service in January for both mobile and computers.

Nymbus' identity was secret until the announcement Tuesday. The company was called only "Project End Game" when City Council approved its resolution in August.

Raymon Troncoso can be reached at rtroncoso@wjct.org, 904-358-6319 or on Twitter at @RayTroncoso.