RENO, Nev. (News 4 & Fox 11) — The Economic Development Authority of Western Nevada announced on Monday, Dec. 17, that Figure Technologies, a financial technology company, is expanding operations to Reno.
The company says it plans to hire 240 employees over the next several years, with an average hourly wage of $40.
The new office is already home to 17 full-time employees.
"We're creating products and educational tools to help consumers simplify and improve their financial well-being. With rising interest rates, cash-out refinancing, personal loans and credit cards are increasingly painful ways to meet cash flow needs. For many, home equity may be the most important source of money they have to support their financial needs throughout their careers and into retirement," said Wendy Harrington, Figure CMO. "By unlocking hard-earned equity with Figure Home Equity Loan PLUS or Figure Home Advantage, homeowners can achieve their goals with additional funds and less stress."
Figure has already launched both of its products in Nevada.
According to EDAWN, key factors in Figure's decision to expand to Reno were the talent pool and logistical advantages offered by the region, along with the opportunity to invest in the region's academic and start up communities.
"Welcoming Figure to Reno is yet another win for the entire region," said Reno Mayor Hillary Schieve. "The Silver Rush of the past has become the Silicon and Server Rush of the next decade and beyond. Reno's blend of lifestyle, progressive values and a business-friendly environment, give companies like Figure a future of success."
"We are thrilled Figure has selected Reno to expand their operations," said Mike Kazmierski, President & CEO of EDAWN. "As a state, we're one of the leaders in attracting and welcoming blockchain technology. Figure is a great win for our community and we expect to continue to see the emergence of blockchain companies selecting Reno as their home."
According to Figure, the company creates innovative consumer financial solutions for home improvement, debt consolidation, and retirement.
Figure was co-founded in 2018 by Mike Cagney, the founder and former CEO of SoFi, along with Alana Ackerson, Cynthia Chen, June Ou and Sara Priola.