A Growing Number of Fintech Companies are Expanding in Greater Vegas

The global fintech industry is projected to grow sixfold from $245 billion to $1.5 trillion by 2030, and Henderson-based Paysign® is uniquely positioned to benefit from that growth.

The fintech and healthtech company was founded in Southern California in 2001 and relocated to the Greater Las Vegas region in 2004. Paysign provides payment and disbursement solutions for sectors including pharmaceutical, healthcare, hospitality, and retail.

“Our objective is to deliver innovative payment solutions that empower businesses, simplify transactions, and promote financial inclusivity,” said Mark Newcomer, CEO of Paysign. “We identified a distinct opportunity in the market to make a difference, to drive value, not only for businesses and consumers, but also for the fintech industry as a whole.”

Paysign provides its clients a variety of options to issue payments electronically, such as payroll cards, travel, expense, per diem cards, and incentive/rewards cards, eliminating the need for paper checks. In 2022, the company had 5.3 million card holders, 550 unique card programs, and $1.6 billion loaded onto cards.

“Our founding team envisioned leveraging technology to transform payments, disrupt conventional practices, and offer unrivaled services that are intuitive, secure, and reliable,” said Newcomer.

When the company outgrew its original 11,500 square foot location in 2018, LVGEA assisted Paysign in applying for state tax abatements, which they received to expand their Henderson headquarters into a new 24,000 square foot space on St. Rose Parkway.

Company executives say they choose the Greater Las Vegas region for their headquarters for several reasons, including Nevada’s favorable business climate and low cost of living.

“The region also provides the necessary infrastructure and geographical advantage to support high-volume, high-availability data centers,” said Newcomer.

Paysign is just one of a growing number of fintech companies choosing to locate in the region, a group that also includes Sightline Payments, Everi, Shift4 Payments, and Pavilion Payments.

The region’s growing fintech industry is one of LVGEA’s target industries, as it not only brings high-quality jobs to Greater Las Vegas, but also fits into the region’s growing technology scene.

“Greater Las Vegas embraces and supports innovative companies, and we believe fintech companies will find it easy to flourish here,” said Tina Quigley, President and CEO of the Las Vegas Global Economic Alliance. “With our business-friendly atmosphere, diverse talent pool, and endless opportunities from tourism to technology, our region holds the winning hand for fintech.”

Paysign executives agree that the region has a good ecosystem in place to support the growing sector, and that they expect to continue their growth over the next decade.

“The Las Vegas valley has one of the lowest risks of natural disasters, making it an ideal location for technology-based companies to operate data centers,” said Newcomer. “The area also has a sizeable labor pool that is bilingual and capable of working in shifts. Being a travel and hospitality hub, it’s an excellent city for business activities, and some of the world’s largest fintech trade shows are held in Las Vegas.”

In addition to having its main corporate office staff located in Henderson, the company also operates a fully staffed, bilingual call center. The company currently employs 109 people, with 73 in Nevada, and additional remote staff located across the country.

For more information on the company, click here.