West Coast fintech company Figure Technologies is putting down roots in the Queen City.
Figure, which provides financial services to borrowers and businesses through blockchain technology, announced during the annual Fintech Generations conference earlier this month that its new East Coast loan operations center will be located in Charlotte.
CD Davies, head of lending at Figure, said over the next two months the company will hire between 12 and 20 people in the region to work remotely. Eventually, he said, they'll find a permanent build space, but that timeline is fluid because of Covid-19.
Davies said they chose Charlotte because of the built-in talent pool.
"We’re in financial services, and Charlotte is the mecca for that talent," he said. "Also I think ... being in the banks' backyard will be helpful to them."
Figure's products are currently a completely digital home equity line, a loan marketplace where investors can buy and sell loans on the Provenance blockchain, and mortgage refinancing.
Davies said Figure's goal is to ultimately showcase how effective blockchain is to the financial sector.
"It’s a very unique financial company, and it's built totally around the blockchain," he said. "We can serve our clients, but we also want to prove out a much better way for the financial ecosystem to work."
The company, founded in 2018 by Mike Cagney, raised a $103M C Series round of funding late last year.
