Miami Tech & Startup News

Miami startup Allocations embarks on a hiring spree – a big one

Miami startup Allocations embarks on a hiring spree – a big one

The fintech expects to grow to 300 employees by the end of 2022.

Allocations, the Miami-based startup founded by angel investor Kingsley Advani, builds software to help small funds and SPVs set up and operate at the competitive, rapid-fire pace of today’s venture capital marketplace. Now the financial technology company plans rapid-fire hiring to keep up with demand.

Allocations’ team already numbers 70, up from the 44 it had when Advani announced a $4 million capital raise early last month. The startup has been onboarding about 10 people every two weeks.

Advani, Allocations’ CEO, said his company plans to hire 230 more people “across the board” over the next year. Allocations expects to be a 300-person team by the end of 2022.

Why such aggressive hiring? The demand is strong for their product, a fund administration platform that has been built for speed and enables a one-click customer experience, said Advani, who experienced the pain points that Allocations is aiming to solve while running a 1,000-member global investor group in Silicon Valley before founding Allocations in 2019. He moved to Miami in December 2020, lured by the now famous “how can I help?” tweet by Miami Mayor Francis Suarez.

“The private equity industry, to be disrupted, needs a founding team that has both investing and engineering experience,” explained Advani, who has invested in 150 startups including SpaceX, Coinbase, Robinhood and other unicorns and began writing code at age 11.

He gave me a short demo of how simple it is to create an SPV or fund in under 24 hours using Allocations. The fastest we’ve done it is under 3 hours. These used to take months going back and forth with lawyers and it was a pain in the ass,” he said. “We built this specifically for emerging investors who need to close deals in under 24 hours.  We’re the fastest private equity platform.”

So far, Allocations has set up more than 500 funding vehicles and has logged a quarter of a billion dollars in transactions, said Advani. The startup’s revenue has been growing an average of 24% month over month. Allocations has powered investments for Miami ventures including 305 Ventures, Browder Capital, Flexbase, Pipe, Lula, The Ticket Fairy and Cronos Capital, Advani said.

As for Allocations’ hiring strategy, the planned new jobs don’t have to be in Miami, as Allocations is  a remote company. But 20% of the startup’s team is in Miami now, a percentage that could grow over time.

Allocations has recently hired two product managers that will be based in Miami, said Rachael Bickford, Allocations’ Client Experience Manager. “It’s a really important role for us — they’re going to be basically taking ownership of different products that we have, and then building a team of engineers and designers around each of them.”

Allocations will be hiring across the board — finance, legal, accounting, marketing, sales, etc. — but is particularly focused on engineering and operations roles, Bickford said. Find some of the open roles here and check back often.

Photo of Miami Mayor Francis Suarez and Kingsley Advani during one of the mayor’s recent Cafecito Talks was provided by Allocations.

UPDATE: Here’s the Cafecito Talk video:

https://twitter.com/i/status/1443973469973225500

READ MORE: From Silicon Valley to Wynwood, investor Kingsley Advani relocates Allocations HQ

Follow @ndahlberg on Twitter and email her at [email protected]

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