Fintech: Southeast News

Fintech Southeast News curated each weekday for Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee

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Posted May 26, 2021

 

The fintech company Credit Karma is expanding in Charlotte with its new East Coast headquarters, spending $13 million and adding 600 jobs in the next five years, local and state officials announced Tuesday.

Credit Karma opened an East Coast office five years ago in Charlotte. Another fintech firm, stock trading app Robinhood said in March it plans to invest $11.7 million to open an office in Charlotte.

Credit Karma will receive more than $22 million in incentives from the city and state. The state Economic Investment Committee awarded Credit Karma up to $21 million in state incentives over a 12-year period. The city offered $186,000 in incentives to the personal finance company.

This new project will lift the economy by $2.6 billion a year, North Carolina Gov. Roy Cooper said Tuesday during a city of Charlotte Economic Development press conference. “We are here to celebrate another big economic win for the Charlotte area and the entire state of North Carolina,” Cooper said.

Jobs with Credit Karma include software engineering, project management, data and other technical roles. Minimum pay for the jobs is $156,000, Cooper said. Mecklenburg County’s overall average annual wage is $71,689.

{mprestriction ids="1,4,9"}Credit Karma founder and CEO Kenneth Lin said the company looked at a dozen areas for its next headquarters before choosing Charlotte. He said a skilled workforce mattered in the search, adding that having so many financial companies concentrated in one market makes Charlotte’s talent pool “unrivaled.”

City Councilman Tariq Bokhari, executive director of the Carolina Fintech Hub, said in a statement to the Observer that Charlotte now has more than 60 fintech companies, with expansions that also include LendingTree, AvidXchange and Better.com.

“It’s getting hard not to make the argument that Charlotte is the dominant future force of fintech nationwide,” Bokhari said.

 

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