Schwartz moved from Montreal to Miami in September 2024.Courtesy of Miles Schwartz; frankpeters/Getty Images
Miles Schwartz moved from Montreal to Miami to lead a US expansion for his business.
Schwartz finds it easier to meet well-connected people in Miami compared to Montreal.
He said it’s harder to succeed in the competitive US market, but he likes feeling like an underdog.
This as-told-to essay is based on a transcribed conversation with 34-year-old Miles Schwartz, CEO and founder of the fintech company Zūm Rails. The following has been edited for length and clarity.
My business started at a kitchen table in my parents‘ house in Montreal.
My cofounder and I publicly launched Zūm Rails — a payments company that helps businesses move money and provides them with tools to become banks themselves — in 2020.
I initially wanted to build a business worth a couple of million and have enough to support my life and my family. I never expected to be crossing 75 employees like we are now.
Our Series A last year raised 10.5 million CAD. The goalposts move when you start getting traction.
I’ve found that the US market is much bigger and more competitive than it is in Canada, which puts us in better stead to become a unicorn company one day.
The impetus to expand into the US came a few years ago when some of our large SaaS partners told us that they needed something like us in the US. These partners, who have a presence in both countries, said they’d definitely use us if we had a US presence.
We started working on the expansion in 2022, and spent a couple of years on back-end work, like incorporating in the US.
We initially hired a professional to help us expand. As time went on, the work felt too critical to delegate, and it was better for my CTO and I to move to Miami, where several fintech companies we’d connected with also had offices.
I‘m not one to overthink a decision. Within a few weeks of starting to consider the move, I found a place and secured an L1-A visa.
I’ve been in Miami since September 2024. Since my previous fintech experience was based in Canada, scaling our operation in the US has been a learning curve.
Right now, the majority of our team are based in Canada. Though we have coworking spaces in Canada and Florida, we’ve always been remote first.
There are advantages of being in Miami instead of Canada. I wanted our existing clients to know we’re commited to our US expansion.
In terms of optics, I think people take you more seriously if you’re based in the US. The fintech scene in Montreal wasn’t as lively and none of our clients were based there.
I’m always hosting clients here, which helps form deeper connections. I chose to live in an affluent area to meet potential business connections. It’s like I’m at a country club or conference every day.
I’m happier living in Miami, which makes me more efficient. I live near the beach, where I can swim and walk my dog. In Montreal, during the winter, the snow and cold made even simple things difficult.
I haven’t been back to Canada since I moved, but I plan to visit this summer. My goal is to bring my family to the US with me.
I’m so focused on my work that I don’t pay attention to political drama. Fortunately, Trump’s tariffs don’t affect us, but looking back, I think we moved at a good time.
The US fintech ecosystem is bigger and more entrepreneurial than Canada’s. Banks here want to innovate because it’s a dog-eat-dog competition. Meanwhile, in Canada, there are five big banks that seem comfortable with their market share. Banks in the US are more excited to talk to us.
I felt Zūm Rails was very well known in Canada, but in the US, I feel like a small fish. I like being the underdog.
Making it in the US means you’ve really made it. But the competition does make it harder to succeed. You need to find a specific niche, which has been a learning curve for me.
We’re planning a big hiring push in the US, but our brand isn’t big enough yet to attract the talent we need. We have a great Canadian team, but the US is more competitive.
It’s easier to get noticed in Canada if you build something amazing. If you’re from Canada and know the gaps in the market, you have a huge leg up.
If you’re trying to build a smaller business, Canada’s the best place to do it. They have government grants and some capital gains exemptions to benefit small businesses. But if you’re trying to build a billion-dollar or 10-billion-dollar business, Canada’s probably not the best place.
I want Zūm Rails to be a unicorn. I feel like there’s a clearer path now that we’re in the US, but we’d have zero chance of doing that if we didn’t move. In my experience, investors really care about US growth because they know the Canadian market can be limiting.
Our Canadian business is great, but there’s a ceiling to it.
Do you have a story to share about moving countries for work? Contact this reporter at ccheong@businessinsider.com
