SoFi Technologies to Create 225 New Jobs in Charlotte
Charlotte, renowned as a major U.S. banking hub, is set to witness another significant growth in its financial sector. SoFi Technologies, Inc. (NASDAQ: SOFI), a pioneering digital financial services firm, has announced its plans to add 225 new positions in the region. This development is part of a $3 million investment aimed at strengthening the company’s presence in Mecklenburg County.
Governor Josh Stein remarked on the expansion, stating, “North Carolina attracts the world’s top financial services companies with a deep pool of skilled workers that can meet the unique needs of companies like SoFi Technologies.” With Charlotte being a significant banking center nationally, Stein expressed his pleasure at the ongoing growth within this crucial industry.
SoFi Technologies is dedicated to helping individuals achieve financial independence through its comprehensive financial services. With over 11.7 million members, the company facilitates various financial activities, including borrowing, saving, spending, and investing, all accessible via a single application. SoFi’s technology is leveraged globally by fintechs and financial institutions to manage innovative financial solutions. The Charlotte expansion will offer roles for loan officers, underwriters, chief experience analysts, and others in sales and management.
Eric Schuppenhauer, Interim President of SoFi Bank, shared, “SoFi is proud to have been part of the Charlotte-Mecklenburg community since 2023. The region’s energy, talent, and quality of life make it a natural fit, and we’re excited to expand our footprint here.”
North Carolina Commerce Secretary Lee Lilley highlighted the significance of this decision, “Charlotte’s place as America’s second-largest financial hub is strengthened today thanks to SoFi’s decision to expand in the Queen City.” He added that North Carolina has been consistently recognized as an excellent state for business.
The average salary for these new roles is projected at $108,436, surpassing Mecklenburg County’s average private-sector wage of $86,830. The economic impact from the payroll is anticipated to exceed $24 million annually in the community.
Facilitating this expansion, a Job Development Investment Grant (JDIG) has been awarded to SoFi Bank National Association (N.A.). Over a 12-year period, this project is estimated to boost the state’s economy by $928 million. The JDIG agreement allows for potential reimbursements to SoFi of up to $1,862,250, contingent on the company meeting specific job creation and investment targets.
With a projected 189 percent return on investment, the state expects to gain $2.89 in revenue for every dollar spent. This ensures a positive net tax revenue, even after the reimbursement payments are factored in.
N.C. Senator Woodson Bradley noted the importance of this development, “Charlotte and Mecklenburg County come out on top once again, thanks to our investments over the years in education and our specialization with this critical industry.”
N.C. Representative Laura Budd expressed gratitude for the collaborative efforts leading to this decision, stating, “We welcome this new investment and these new jobs that will expand opportunities in our region.”
Collaborating with the North Carolina Department of Commerce, the Economic Development Partnership of North Carolina, and other local entities, SoFi’s expansion promises a positive trajectory for Charlotte’s growing financial landscape.
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