SoFi Technologies, a California-based financial tech company, has secured up to $2.4 million in taxpayer-funded incentives to expand operations into Charlotte, North Carolina. The move was approved by the North Carolina Economic Investment Authority board, with the promise of creating 225 new jobs paying an average annual salary of $108,000.
The fintech firm plans to invest $3 million in Charlotte by the end of 2026. SoFi, which employs around 3,800 globally, chose North Carolina over competing offers from Florida and Texas. The state cited economic incentives, workforce availability, and geography as the key deciding factors.
The new Charlotte-based jobs are expected to generate a payroll impact of $24 million annually. However, some economists remain skeptical about the effectiveness of using taxpayer funds to lure corporations, particularly when average wage figures may be skewed by high executive salaries. The average private-sector wage in Mecklenburg County is currently $86,830.
Democratic Gov. Josh Stein praised the move as a sign of North Carolina’s growing financial sector. “Charlotte is the No. 2 banking center in the nation,” he said, celebrating the expansion of what he called one of the state’s flagship industries.
SoFi’s interim bank president, Eric Schuppenhauer, emphasized the city’s energy, talent, and quality of life, stating the company is “excited to expand” and invest in local communities. Commerce Secretary Lee Lilley added that the deal cements Charlotte’s role as a top-tier financial hub.
Grant payments are tied to job creation and investment benchmarks, requiring the company to meet specific performance targets before receiving the full amount.
