Fintech firm SoFi Technologies is expanding into the Ballantyne area of Charlotte, signaling strong confidence in the region’s business environment. The San Francisco-based company plans to establish a regional hub that will create approximately 225 new jobs and involve an investment of $3 million. In support of the project, the North Carolina Economic Investment Committee has approved a Job Development Investment Grant, which could reimburse up to nearly $1.9 million in incentives—provided job-creation targets are met. Local contributions from both the city of Charlotte and Mecklenburg County total roughly $80,000.
Ballantyne has been a hotbed for major expansions recently, having attracted large-scale investments from companies such as Citigroup, RXO and Daimler Truck Financial Services. These projects have cumulatively brought more than 2,000 new jobs and $203 million in capital investment to the area.
In the case of SoFi’s new hub, the state projects that over a 12-year span the economic impact could reach $928 million, with an estimated return on investment of 189 percent—meaning the state would gain about $2.89 in revenue for every dollar spent.
SoFi considered other locations — including Frisco, Texas and Jacksonville, Florida — before selecting Charlotte based on its talent pool, geographic advantages and incentive structure. According to SoFi Bank interim president Eric Schuppenhauer, Charlotte’s energy, skilled workforce and quality of life made it a “natural fit.”
The Charlotte hub is expected to hire professionals in roles such as loan officers, processors, underwriters, experience analysts, along with sales and management staff. The average salary for these positions is projected at $108,436—well above Mecklenburg County’s private-sector average of $86,830. The annual payroll will top $24 million, and several of the new positions will not require a four-year college degree.
Beyond job creation, SoFi has committed to community investment. In 2024, the company pledged $3 million toward affordable housing. Charlotte Mayor Vi Lyles highlighted SoFi’s efforts in housing, K-12 education and reducing generational wealth gaps as the type of corporate citizenship the city welcomes.
