Verdigris Holdings, Inc., the company bringing banking to the unbanked, and the Arizona Commerce Authority, the state’s leading economic development organization, announced 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 U.S. 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 and 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.”