The financial technology company, is ramping up at a fast clip after raising more than $50 million in March. It has employees working in San Francisco, Texas and Montana, including customer operations staff in Reno.
The company cited several factors for picking the Reno area for its newest location. Nevada is one of only a few states that allow for online or electronic notarization, which is essential for Figure Technologies' business. Hiring also should not be an issue in the area, said Alana Ackerson, Figure Technologies' chief people officer in charge of human resources and business operations.
"We were impressed by the engineering school but beyond that, there's just a lot of entrepreneurial, energetic and creative talent," Ackerson said. "We were very excited about the talent pool out there."
"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."
Figure Technologies' line of products includes wealth management solutions, home equity lines of credit and reverse mortgages. One of the challenges for the new company involves raising awareness among potential customers about products that are already complicated by nature and explaining how its technology distinguishes its offerings from traditional options. The use of electronic notarization, for example, allows Figure Technologies to process and approve applications much faster. The company also uses blockchain technology.
The company is also constantly looking to add to its product portfolio. Figure Technologies, for example, is in talks with the Washoe County Recorder's office about another project that potentially could have national impact. The company's technology is also a natural fit for blockchain technology. Blockchains are essentially an electronic record composed of digital blocks that are chained together and designed to resist tampering. Figure Technologies built its own customized blockchain on top of an established blockchain framework known as Hyperledger Fabric.