Governor Josh Stein announced today that SoFi Technologies, Inc. (NASDAQ: SOFI), a leading digital financial services company offering one-stop personal finance solutions, will create 225 jobs in Charlotte. The company will invest $3 million in Mecklenburg County to strategically expand its regional presence.

“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,” said Governor Stein. “Charlotte is the number two banking center in the nation, and I’m pleased to see more growth in one of North Carolina’s flagship industries.”

SoFi Technologies is a digital financial services company on a mission to help people achieve financial independence to realize their ambitions. With more than 11.7 million members, SoFi helps people borrow, save, spend, invest, and protect their money, all in one app. Headquartered in San Francisco, SoFi has offices across the U.S. and globally. Fintechs, financial institutions, and brands use SoFi’s technology platform, Galileo, to build and manage innovative financial solutions across 160 million global accounts. The company’s expansion in Charlotte will bring opportunities including new positions for loan officers, loan processors, underwriters, chief experience analysts, and sales and management teams.

“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,” said Eric Schuppenhauer, Interim President, SoFi Bank, and EVP, Group Business Unit Leader for Borrow. “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.”  

“Charlotte’s place as America’s second-largest financial hub is strengthened today thanks to SoFi’s decision to expand in the Queen City,” said North Carolina Commerce Secretary Lee Lilley. “From CNBC naming us the top state for business to the recognition we continue to earn from leading companies, North Carolina’s momentum continues to build.”  

Although wages will vary depending on the position, the average salary for the new positions will be $108,436. The average private-sector wage in Mecklenburg County stands at $86,830. The new jobs will generate an annual payroll impact in the community of more than $24 million per year.

The project will be facilitated, in part, by a Job Development Investment Grant (JDIG) officially awarded to SoFi Bank National Association (N.A.) and approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $928 million. Using a formula that takes into account the new tax revenues generated by the new jobs and the capital investment, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,862,250, spread over 12 years. State payments occur only following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.

The project’s projected return on investment of public dollars is 189 percent, meaning for every dollar of potential cost, the state receives $2.89 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.  

“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,” said N.C. Senator Woodson Bradley. “SoFi Technologies has been a part of our community since 2023, and their distinguished record of accomplishments will only grow with the exciting expansion of their business in North Carolina.”

“I appreciate the hard work put in by all the local, regional, and state economic development teams that helped SoFi Technologies reach this outstanding decision,” said N.C. Representative Laura Budd. “We welcome this new investment and these new jobs that will expand opportunities in our region.”

Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina General Assembly, the Commerce Department’s Division of Workforce Solutions, Mecklenburg County, and the City of Charlotte.