CHARLOTTE – Credit Karma plans to add 600 jobs paying wages averaging about $156,000 in Charlotte.
“Today I am proud to announce that the personal financial technology company Credit Karma will expand its presence here in North Carolina with a new tech hub that will serve as the company’s new east coast tech hub,” said North Carolina Governor Roy Cooper at a press announcement, held virtually.
The company will receive state and local tax incentives totaling more than $27 million in state and local tax incentives if new job creation targets are met, according to an agreement reached with the state Department of Commerce’s Economic Development Investment Committee on Tuesday morning.
Many of the jobs will be technology focused, including data science, engineering, and product management.
Gov. Cooper called the company’s expansion “yet another big economic win for the Charlotte area and the entire state of North Carolina.”
Credit Karma will invest some $13 million in expansion. “We couldn’t be more excited,” said Credit Karma founder and CEO Kenneth Lin during a press conference. “We’re really excited about the workforce we’re able to recruit.”
The firm opened a Charlotte-based office four years ago, and already has 189 workers in Charlotte and earlier this year announced plans for 175 additional jobs, and the agreement reached with the state Department of Commerce’s Economic Development Investment Committee will require job retention for these roles. The company considered more than a dozen other cities prior to choosing Charlotte for an office four years ago, Lin said.
“Longer term, our goal is to continue to grow,” said Lin. “It is going to be our east coast technology headquarters, so it will be a major investment.” The company will consider expanding its current facility in Ballantyne, and plans to open as many as 200 jobs in the next few months. “We’re excited to move as many jobs into the area as it can support,” said Colleen McCreary, chief people, places, and publicity officer at Credit Karma, in a statement.
The company’s Charlotte-based jobs range between $70,000 and $300,000 in base compensation, said McCreary, noting that a part of the compensation package also includes equity in the company for every employee.
“Over the next 12 years, analysts predict that this project will lift NC’s overall economy by more than $2.6 B and these new jobs are going to be good ones, averaging more than $156,000 per year,” said Gov. Cooper.
Founded in 2007, Credit Karma provides a variety of consumer financial services, including credit scores. Credit Karma also has offices on the west coast and in London. Credit Karma was acquired by Intuit for $7.1 billion in 2020.
