Fintech giant SoFi Technologies is expanding its operations in Utah with a $3 million investment and plans to create 410 new high-paying jobs over the next decade. The move strengthens Utah’s growing reputation as a hub for financial technology and innovation.
A Strategic Move for Growth
The Utah Governor’s Office of Economic Opportunity recently approved a performance-based tax reduction incentive for SoFi under the state’s Economic Development Tax Increment Financing program. Utah’s incentive model stands out for rewarding companies only after they meet key performance benchmarks such as job creation, wages, and capital investment.
SoFi already operates two offices in Utah—one in Cottonwood Heights and another in Sandy—both established in 2016. Together, these offices employ more than 730 workers. The latest expansion will add hundreds of new roles across operations, technology, and customer support, reinforcing SoFi’s long-term commitment to the state.
Boosting Utah’s Fintech Sector
Officials described the expansion as a major win for Utah’s fintech industry. Jefferson Moss, executive director of the Governor’s Office of Economic Opportunity, highlighted that the move aligns with the state’s goal of fostering innovation and economic growth.
“SoFi’s decision to expand its Utah operations shows the strength of our business climate and skilled workforce,” Moss said. “This investment will provide quality jobs and strengthen Utah’s position as a national fintech leader.”
A Strong Local Presence
SoFi’s acquisition of Galileo, a Sandy-based fintech company, in 2020 for $1.2 billion was a key milestone in expanding its technological footprint. Galileo powers many of SoFi’s financial platforms, offering cutting-edge infrastructure for digital banking and payment services.
Through this new expansion, SoFi aims to deepen its integration into Utah’s thriving tech ecosystem and create more opportunities for collaboration with local businesses and educational institutions.
Community Impact and Corporate Vision
SoFi’s leadership expressed excitement about this next phase of growth. Eric Schuppenhauer, interim president of SoFi Bank and executive vice president, said the company is “thrilled to expand SoFi’s presence in Utah” and looks forward to “growing alongside the communities we serve.”
Local leaders welcomed the news. Jim Spung, director of community and economic development for Cottonwood Heights, called SoFi’s commitment “a clear indicator that Cottonwood Heights is a place where innovation and growth can thrive.”
The expansion is expected to inject millions into the local economy through wages, infrastructure spending, and business partnerships, while also strengthening Utah’s standing in the fintech industry nationwide.
