COTTONWOOD HEIGHTS — The Utah Governor’s Office of Economic Opportunity has awarded a post-performance tax reduction to fintech giant SoFi Technologies for its Salt Lake County expansion as part of the state’s Economic Development Tax Increment Financing program.
Unlike other states, Utah doesn’t offer incentives up front; instead, it provides awards to companies after performance benchmarks are met.
As part of the agreement, SoFi — a digital finance company with FDIC-insured online banking — is planning to add 410 new, high-paying jobs and invest $3 million in the Beehive State over the next decade.
“We are incredibly proud to welcome the expansion of SoFi Technologies,” Jim Spung, community and economic development director for Cottonwood Heights, said in a statement. “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.”
SoFi has two Utah locations, in Cottonwood Heights and Sandy, both of which opened in 2016 and are home to over 730 employees combined.
“Utah’s fintech industry is a cornerstone of our economy, powering innovation and growth across every sector,” Jefferson Moss, executive director of the Governor’s Office of Economic Opportunity, said in a statement. “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 in 2020 acquired Sandy-based financial services company Galileo in a $1.2 billion deal. The deal has allowed Galileo to act as SoFi’s technology platform, powering financial solutions for fintechs, financial institutions and other 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,” Eric Schuppenhauer, interim president of SoFi Bank and executive vice president, said in a statement. “We look forward to growing alongside the communities we serve here and helping our members get their money right.”
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