Fintech firm Play2Pay has entered a 5,200-square-foot lease at Wynwood Annex, which is home to various other prominent technology firms.
Established in 2014, the firm provides clients with ways to lower their bills by playing games, watching engaging videos and responding to surveys. The Fintech firm secured $13 million via a Series A round in 2021, adding to its $7.5 million seed round.
As reported by the Commercial Observer, Play2Pay has now moved into the business office, having committed to the lease on March 1, 2022. This, according to a company representative. The company has 40 employees on its payroll and aims to recruit another 25 professionals in 2022 (based in South Florida).
Miami Mayor Francis Suarez stated:
“We have the educational ecosystem and quality of life factors that will enable [Pay2Play] to attract and retain top-level talent.”
The firm, previously situated in Fort Lauderdale, is now coming to Wynwood as it focuses on becoming a part of a fast-growing technology district.
Play2Pay neighbors inside the Wynwood Annex reportedly include VC companies Founders Fund and Atomic, and Blockchain.com entered a 22,000-sq foot lease across the street in February 2022.
Play2Pay is now taking over the previous business office of another company, called OpenStore, which has now moved to the Gateway at Wynwood building. This, according to Colliers’ Tyler de la Peña, who along with Stephen Rutchik, has been representing the tenant.
The senior management at Play2Pay reportedly chose Wynwood Annex because of its amenities, which currently include a gym, pool access, a rooftop — along with the surrounding neighborhood (with various restaurants, bars and clubs).
Company founder and CEO Brian Boroff remarked:
“One of Play2Pay’s core values is conviviality. We believe strongly in the bonds forged by eating, drinking and laughing together, and our home base will offer that,”
The eight-story property, situated at 215 NW 24th Street, reportedly includes 60,000 square feet of offices, all of which have been leased, along with a 5,000 square feet space of retail on the ground floor.
The asking rent for the office component had been $80 a foot, triple net, according to Tony Arellano from DWNTWN Realty Advisors, who has represented the landlord.
In February 2022, the developers East End Capital and Related Group reportedly sold the building, completed back in 2020, to San Francisco-headquartered Brick & Timber Collective for $49 million.