Title
Public Hearing and Decision on SoFi Technologies, Inc. & Subsidiaries Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a City of Charlotte Business Investment Grant to SoFi Technologies, Inc. & Subsidiaries, and
B. Approve a Business Investment Grant to SoFi Technologies, Inc. & Subsidiaries for a total amount not to exceed $40,615 over seven years.
Body
Staff Resource(s):
Alyson Craig, City Manager’s Office
Shahid Rana, Economic Development
Matt Dufore, Economic Development
Explanation
§ On October 21, 2025, Sofi Technologies, Inc. & Subsidiaries announced it would expand its presence in Charlotte.
§ On October 13, 2025, City Council, in closed session, indicated intent to approve this Business Investment Grant (BIG).
§ Sofi Technologies, Inc. & Subsidiaries has committed to a capital investment of $3,000,000 and creation of 225 jobs to be hired with an average wage of $108,000.
§ In addition to the City of Charlotte BIG, Mecklenburg County Board of County Commissioners approved a BIG in the amount of $38,588.
Background
§ SoFi is a member-centric, one-stop shop for financial services. Through lending and other products, members can borrow, save, spend, invest, and protect their money.
§ Sofi Technologies, Inc. & Subsidiaries has an in-market presence acquiring a smaller financial services firm in 2023 with 130 employees currently working in Charlotte.
§ Sofi Technologies, Inc. & Subsidiaries’ current headquarters remains in California.
Business Investment Grant
§ Actual grant payments are based on the value of the investment as appraised by the Mecklenburg County Tax Office.
§ Property taxes due from SoFi Technologies, Inc. & Subsidiaries must be paid before grant payment is made.
§ If SoFi Technologies, Inc. & Subsidiaries removes the investment from Charlotte during the grant term, it shall pay back 100 percent of the BIG paid to date.
Fiscal Note
Funding: Business Investment Grant