Governor Josh Stein has announced that SoFi Technologies, Inc., a prominent digital financial services company, will create 225 new jobs in Charlotte, North Carolina. This move comes as part of a $3 million investment by SoFi to expand its presence in the region, leveraging the area’s skilled workforce and its status as a major financial hub. North Carolina is recognized as a leading destination for financial services, with Charlotte ranking as the second-largest banking center in the United States. The expansion is expected to provide significant economic benefits to the area.
SoFi Technologies, headquartered in San Francisco, offers a comprehensive suite of financial services, supported by more than 11.7 million members worldwide. The company’s technology platform, Galileo, is used by fintechs and financial institutions globally. The expansion in Charlotte will introduce a variety of new job opportunities, including roles for loan officers, processors, underwriters, and management teams. The average salary for these positions is projected to be $108,436, surpassing the current private-sector average wage in Mecklenburg County.
The expansion will be supported by a Job Development Investment Grant (JDIG), which was approved by North Carolina’s Economic Investment Committee. This grant is expected to enhance the state’s economy by $928 million over a 12-year period. The JDIG agreement includes potential reimbursements to SoFi totaling up to $1,862,250, contingent on performance verification of job creation and investment targets. The expected return on investment for public funds involved in this project is 189 percent.
The job creation and investment are anticipated to generate an annual payroll impact of over $24 million in the community. State and local leaders, including North Carolina Commerce Secretary Lee Lilley and N.C. Senator Woodson Bradley, have praised the expansion as a testament to the region’s business-friendly environment and skilled workforce. Collaboration among various state and local economic development teams was instrumental in facilitating SoFi Technologies’ decision to expand in Charlotte.
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