US vs. Canada: CEO compares the market and corporate culture

This test also filed is based on a conversation transcribed with Miles Schwartz, 34, CEO and founder of the company Fintech Zūm Rails. The following has been modified for duration and clarity.

My business started at a kitchen table in my parents‘ House in Montreal.

My co -founder and I have publicly launched Zūm Rails – a payment company that helps companies move money and provides them with tools to become banks themselves – in 2020.

I first wanted to create a business worth a few million and have enough to support my life and family. I did not expect to cross 75 employees as we are now.

Our series A last year increased 10.5 million CADs. The goal posts move when you start getting traction.

In September 2024, I moved from Canada to Florida to lead an American expansion effort for Zūm Rails.

I noticed that the American market is much larger and more competitive than in Canada, which one day puts us better to become a unicorn company one day.

I moved to Miami in response to the demand of our customers’ services

The impetus of developing in the United States came a few years ago when some of our major Saa partners told us that they needed something like us in the United States. These partners, who have a presence in both countries, said they would use us definitively if we had an American presence.

We started working on expansion in 2022 and spent a few years in rear work, such as integration into the United States.

We initially hired a professional to help us develop. Over time, the work was too critical to delegate, and it was better than my CTO and I move to Miami, where several fintech companies with which we were connected also had offices.

I‘I’m not the type to think about a decision. In a few weeks following the start of the move, I found a place and I obtained a L1-A visa.

I have been in Miami since September 2024. Since my previous Fintech experience was based in Canada, the scaling of our operation in the United States was a learning curve.

Having my boots in the field in the United States has been useful for business

Currently, the majority of our team is based in Canada. Although we have coworking spaces in Canada and Florida, we have always been distant first.

There are advantages to be in Miami instead of Canada. I wanted our existing customers to know that we are engaged in our American expansion.

In terms of optics, I think people take you more seriously if you are based in the United States. The Fintech scene in Montreal was not as alive and none of our customers were based there.

I always host customers here, which helps to establish deeper connections. I chose to live in an easy area to respond to potential commercial connections. It is as if I were in a country club or a conference every day.

I am happy to live in Miami, which makes me more effective. I live near the beach, where I can swim and walk my dog. In Montreal, during winter, snow and cold made simple things even.

I have not returned to Canada since I moved, but I plan to visit this summer. My goal is to bring my family to the United States with me.

I am so focused on my work that I am not paying attention to the political drama. Fortunately, Trump’s prices do not affect us, but looking back, I think we moved at a good time.

The American ecosystem is larger and more competitive

The American Fintech ecosystem is larger and more entrepreneurial than that of Canada. Banks here want to innovate because it is a dog dog competition. Meanwhile, in Canada, there are five large banks that seem comfortable with their market share. In the United States, banks are more delighted to speak to us.

I felt that Zūm Rails was very well known in Canada, but in the United States, I feel like a little fish. I like to be the oppressed.

Doing it in the United States means you really did it. But competition makes success more difficult. You must find a specific niche, which has been a learning curve for me.

We are planning a great job push in the United States, but our brand is not yet large enough to attract the talents we need. We have a large Canadian team, but the United States is more competitive.

We could not reach unicorn status if we stayed in Canada

It is easier to get noticed in Canada if you build something incredible. If you come from Canada and know the gaps on the market, you have a huge step ahead.

If you try to create a smaller business, Canada is the best place to do so. They have government subsidies and certain exemptions from capital gains for the benefit of small businesses. But if you are trying to build a billion dollars or $ 10 billion, Canada is probably not the best place.

I want Zūm Rails to be a unicorn. I have the impression that there is a clearer path now that we are in the United States, but we would have no chance of doing it if we do not move. According to my experience, investors really care about the growth of the United States because they know that the Canadian market can be limiting.

Our Canadian company is great, but there is a ceiling.

Do you have a story to share on the moving of countries for work? Contact this journalist at ccheong@businessinsider.com