The Utah Governor’s Office of Economic Opportunity awarded SoFi Technologies a post-performance tax reduction for its expansion in Salt Lake County. The corporate incentive is part of the state’s Economic Development Tax Increment Financing (EDTIF) program.
As part of the agreement, SoFi Technologies plans to add 410 new, high-paying jobs and invest $3,000,000 in Utah over the next ten years.
“Utah’s fintech industry is a cornerstone of our economy, powering innovation and growth across every sector,” said Jefferson Moss, executive director of the Governor’s Office of Economic Opportunity. “SoFi’s expansion in Utah adds momentum to our thriving fintech ecosystem, bringing new opportunities, technology, and innovative tools to help our state achieve greater financial independence.”
SoFi Technologies, Inc., founded in 2011, is a digital financial services company on a mission to help people achieve financial independence and realize their ambitions. It allows members to borrow, save, spend, invest, and protect their money — all in one app. SoFi’s technology platform, Galileo, which joined the company after being founded in Utah in 2000, powers financial solutions for fintechs, financial institutions, and brands.
“We’re thrilled to expand SoFi’s presence in Utah. We’re proud to have opened our first office here in 2016 and brought Galileo, one of the many great fintech companies born in the Beehive State, into the SoFi family,” said Eric Schuppenhauer, interim president of SoFi Bank and executive vice president and group business unit leader for Borrow. “We look forward to growing alongside the communities we serve here and helping our members get their money right.”
“We are incredibly proud to welcome the expansion of SoFi Technologies,” said Jim Spung, community and economic development director for the City of Cottonwood Heights. SoFi’s commitment to our city is a clear indicator that Cottonwood Heights is a place where innovation and growth can thrive. We look forward to a long and prosperous partnership with SoFi and the new opportunities this brings for our residents and the larger Salt Lake Metropolitan area.”