SCOTTSDALE, Ariz., July 23, 2019 /PRNewswire/ -- Verdigris Holdings, Inc., the company bringing banking to the unbanked, and the Arizona Commerce Authority, the state's leading economic development organization, are pleased to announce that Verdigris has selected Arizona for its corporate headquarters.
Verdigris will bring over 210 well-compensated jobs to the Greater Phoenix area with average annual salaries of over $150,000. This represents an economic infusion of over $32 million per year by 2022 along with a $19 million capital investment.
This commitment is part of the startup company's mission to help solve the national challenge facing over 63 million Americans who are unbanked or underbanked. These consumers are turned away by most traditional banks which cannot service them profitably. The result: these consumers must overpay for standard banking services that many receive for free. Verdigris' proprietary mix of technology and expertise offered in a regulated bank can cut those fees by over 66%.
"Verdigris is bringing a solution to the over 25% of US households with no or limited access to the regulated banking system. To address this significant need we wanted our headquarters in a state that would be our partner with the right access to talent, innovation-oriented regulatory environment, and focus on its communities. We found that home in Arizona," said Michael Coghlan, chief executive officer for Verdigris Holdings.
"We are excited Verdigris has chosen Arizona to create hundreds of new, high-paying jobs," said Arizona Governor Doug Ducey. "More and more companies are moving to Arizona for our world-class economic environment and exceptional quality of life."
The Greater Phoenix area was selected after a comprehensive search involving a targeted bid to over 11 cities. Arizona stood out, thanks to strong representation by the Arizona Commerce Authority and the Greater Phoenix Economic Council. Arizona's access to both technical and business education, its vibrant business community and its commitment to supporting emerging businesses and communities with forward-thinking policies made Arizona a natural fit.
"Verdigris will be a valuable asset to the business and financial services sector in Arizona, which is one of the fastest-growing in the nation," said Arizona Commerce Authority President & CEO Sandra Watson. "We thank Verdigris for establishing its headquarters operation in Arizona and look forward to supporting its continued success in our state."
Verdigris is already working to deliver its solutions in the state thanks to Arizona's FinTech Sandbox, a program that Verdigris was admitted into earlier this year. Administered by the Arizona attorney general, the Sandbox provides approved companies the opportunity to launch test products on a smaller scale without full licensing under state law. Thanks to Arizona FinTech Sandbox, Verdigris will accelerate trial development and be able to extend services more rapidly to the people who need them most.
"Arizona was a first mover to assure that businesses can test, validate and scale FinTech operations through a sandbox program, and Verdigris's selection of Greater Phoenix for its headquarters validates the importance of these cutting-edge programs," said Chris Camacho, president and CEO, Greater Phoenix Economic Council. "By working together, we can always accomplish more, and we're excited that Verdigris's innovative approach to banking will benefit Greater Phoenix's residents, businesses and economy."
About Verdigris Holdings, Inc.
Verdigris is changing banking for the better. Over 63 million people in America have no or limited access to the regulated banking system. This causes them to pay triple what they should for substitute banking services. Verdigris is building a fresh solution – the combination of cutting-edge technology, industry expertise and ultimately a real, regulated bank to deliver simple transactional banking to unbanked people and the companies that serve them. For more information about Verdigris Holdings visit: www.verdigrisholdings.com and follow us on Twitter @verdigrisinc.
About the Arizona Commerce Authority
The Arizona Commerce Authority (ACA) is the state's leading economic development organization with a streamlined mission to grow and strengthen Arizona's economy. The ACA uses a three-pronged approach to advance the overall economy: attract, expand, create - attract out-of-state companies to establish operations in Arizona; work with existing companies to expand their business in Arizona and beyond; and help entrepreneurs create new Arizona businesses in targeted industries. For more information about the ACA please visit: azcommerce.com and follow the ACA on Twitter @azcommerce.
About the Greater Phoenix Economic Council
Established in 1989, the Greater Phoenix Economic Council (GPEC) actively works to attract and grow quality businesses and advocate for the competitiveness of Greater Phoenix. As the regional economic development organization, GPEC works with 22-member communities, Maricopa County and more than 160 private investors to accomplish its mission, and serve as a strategic partner to companies across the world as they expand or relocate. Consistently ranked as a top national economic development organization, GPEC's approach to connectivity extends beyond the fabric of the community. Known as The Connected Place, Greater Phoenix is in a relentless pursuit of innovative and entrepreneurial technology-focused companies that are committed to changing the game. As a result, GPEC has fueled the regional economy by bringing more than 740 locates, by creating more than 130,000 jobs and has contributed a capital investment of $14.8 billion over the past 30 years. For more information about GPEC, visit www.gpec.org or follow us on LinkedIn, Facebook and Twitter.
SOURCE Verdigris Holdings