SoFi expands in Charlotte
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SoFi Technologies is expanding to Ballantyne.
Why it matters: The decision by SoFi, a fintech company known for services like banking and student loan refinancing, is a nod of confidence in the talent and business climate of Charlotte, the nation's No. 2 banking city.
- The San Francisco-based firm will create 225 jobs and invest $3 million in the new regional hub in exchange for millions in incentives, Gov. Josh Stein announced Tuesday.
The big picture: Ballantyne, which is undergoing a transformation, is on a hot streak of landing high-profile relocations and expansions, including Citigroup, RXO and Daimler Truck Financial Services.
- The combined efforts have brought more than 2,000 new jobs and $203 million in capital investment to the area.
Driving the news: North Carolina's Economic Investment Committee awarded a Job Development Investment Grant for the SoFi project Tuesday.
- The state will reimburse up to nearly $1.9 million in incentives, assuming SoFi hits its job-creation and incentive goals.
- Charlotte and Mecklenburg County have each offered around $80,000, according to reports from the committee meeting.
By the numbers: Over 12 years, the project is estimated to grow the state's economy by $928 million.
- The return on investment is 189%, meaning the state receives $2.89 in revenue for every dollar spent.
Between the lines: Charlotte was in competition with Frisco, Texas, and Jacksonville, Fla., the Charlotte Business Journal reported. The decision came down to talent, incentives and geography.
- SoFi Bank's interim president Eric Schuppenhauer said the "region's energy, talent, and quality of life make it a natural fit."
- SoFi branched into Charlotte in 2023 with the acquisition of Charlotte-based Wyndham Capital Mortgage, as the company sought to diversify revenue streams during a student loan moratorium. CBJ reported SoFi has been expanding its East Coast presence.
What they're saying: "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," Gov. Stein said in a press release.
Zoom in: SoFi's Charlotte hub will employ loan officers, loan processors, underwriters, chief experience analysts, and sales and management teams.
- The average salary, $108,436, is well above Mecklenburg County's average private-sector wage of $86,830, the governor's office noted.
- The annual payroll will exceed $24 million.
- Several new positions do not require a four-year degree, Mecklenburg County highlighted in a press release.
- Local leaders expect SoFi will invest in the community. In 2024, the company committed $3 million toward housing needs.
- "SoFi's deep investment in affordable housing, K-12 education and bridging the generational wealth gap reflects the kind of corporate citizenship we welcome in our city," Charlotte Mayor Vi Lyles said.