San Francisco-based SoFi Technologies plans to expand its East Coast presence with an office in the Ballantyne area of Charlotte, where it plans to add 225 jobs by 2030.
The jobs would pay an average wage of $108,436, almost 25% higher than Mecklenburg County’s average of $86,830. The workers would include loan officers, loan processors, underwriters, chief experience analysts and in sales and management teams.
To lure Sofi, the state’s Economic Investment Committee on Tuesday approved a Job Development Investment Grant totaling about $2.3 million over 12 years, including $500,000 worth of workforce training. Mecklenburg County and the city of Charlotte will add local incentives totaling about $80,000. The state incentives are paid if SoFi hits investment and job creation targets.
The online and mobile-based bank provides loans, investments and savings products, targeting young professionals and other tech-savvy consumers. It will invest $3 million in making the move. SoFi employs about 2,800 workers in 14 U.S. locations, plus offices in Hong Kong, Latin America and Switzerland.
SoFi opened a Charlotte office in 2023. “The region’s energy, talent, and quality of life make it a natural fit, and we’re excited to expand our footprint here,” said Eric Schuppenhauer, interim President of SoFi Bank. “As we expand, we remain focused on growing alongside the community and investing in great people, while delivering on our mission to help more people get their money right and reach financial independence.”
The economic development grant includes a provision for SoFi to retain its existing 130 employees in the state.
SoFi chose Charlotte over finalists Jacksonville, Florida, and Frisco, Texas, a suburb of Dallas. The company considered the economic incentives package, available labor and geography, according to the state.
The company was started by four Stanford University MBA students and went public in 2021. It reported a profit of $499 million last year, while its shares have gained 175% over the past year and are trading near record levels. The company has a market value of about $34 billion. By comparison, Ally Financial, a mostly online lender with a big Charlotte operation, has a market cap of about $12.7 billion.
With more than 11.7 million members, SoFi provides loans, investments and savings products through its app.