Personal finance technology company Credit Karma will expand its operations in Charlotte, NC, adding 600 new jobs and investing $13 million to transform its existing operations into an East Coast Headquarters.
“Credit Karma has been in Charlotte for four years and with the significant incentives provided by the state of North Carolina and from the city of Charlotte, we are doubling down on the market and making this our East Coast headquarters,” said Credit Karma founder and CEO Kenneth Lin. “The intersection of technical talent and having so many financial companies concentrated in one market makes Charlotte’s talent pool unrivaled for the roles Credit Karma is recruiting for as we accelerate on building products to deliver on our mission of championing financial progress for all.”
Oakland, CA-based Credit Karma is a consumer technology platform best known for providing more than four billion free credit scores to consumers. The company has since grown into a go-to destination for more than 110 million members globally for everything related to their financial goals, including identity monitoring, applying for credit cards, shopping for loans (car, home and personal), savings accounts and now checking accounts, both offered through banking partner, MVB Bank, Inc., Member FDIC.
Credit Karma’s decision to focus its corporate growth in Charlotte is due to the city’s robust talent pool, excellent quality of life and optimal location between the company’s California and London offices. These newly announced jobs will drive the technical vision for the company’s engineering organization, with a focus on scaling. These roles will be heavily centered on software engineers along with some analyst and management roles, with an average salary of $156,600.
The project was a collaborative effort between the City of Charlotte, North Carolina Department of Commerce, Economic Development Partnership of North Carolina, North Carolina Community College System, Central Piedmont Community College, University of North Carolina Charlotte, Mecklenburg County and the Charlotte Regional Business Alliance.
“We are thrilled to have Credit Karma establish their East Coast headquarters in our state,” said Governor Roy Cooper. “North Carolina is the ideal place for technology companies to do business, thanks to our tech-savvy talent, resilient economy and great quality of life.”
“North Carolina has one of the fastest growing tech hubs in the nation,” said North Carolina Department of Commerce Secretary Machelle Baker Sanders. “Credit Karma’s expansion affirms that North Carolina’s burgeoning fintech ecosystem, with our highly-skilled and diverse workforce and world-class research institutions, is the platform for innovative companies to develop advanced technologies.”
Credit Karma’s expansion will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Over the 12-year life of the grant, the project is estimated to grow the state’s economy by more than $2.6 billion. Using a formula that takes into account the tax revenues generated by the 600 new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $20.3 million spread over 12 years.
Credit Karma joined the Charlotte community in 2017 and has since grown to employing 189 people at its Charlotte office located in Ballantyne. An announced hiring earlier this year, along with the creation of an East Coast HQ will bring the company’s total headcount in Charlotte to more than 900 employees.
“Today’s announcement is another boost for our city’s emerging identity as a strong market for technology, especially in the field of fintech,” said Charlotte Mayor Vi Lyles. “The addition of 600 new careers will add to our incredible growth in innovation and will solidify Charlotte as a tech hub where companies like Credit Karma can develop and thrive.”
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