CHARLOTTE – Robinhood, the high profile company that plans to capitalize on the flurry of retail trading it helped set off with its zero-commission business model, is expanding to the Queen City and bringing hundreds of jobs.
North Carolina’s Economic Investment Committee awarded Robinhood millions in tax incentives at a meeting Tuesday morning.
Robinhood pledged to create nearly 400 jobs with an average wage of $76,450.
The startup recently confirmed reports that it plans to go public.
Robinhood is in full growth mode even after a disastrous few months that featured its CEO getting hauled before Congress and Michael Bolton appearing in a viral video about the platform’s controversial business mode, according to CNN.
“Charlotte is known for its talented and diverse workforce, making it an easy choice as we looked to expand our operations,” said Alex Mesa, Head of Customer Experience for Robinhood. “We’re confident that Charlotte’s workforce will further contribute to our mission and lower the barriers to investing for all. We’re thrilled to join the Charlotte community.”
The N.C. jobs will be added between 2021 and 2025.
Charlotte beat out other locations that the company scouted, according to the North Carolina Department of Commerce, including Denver, Colorado, and Tempe, Arizona.
“With the second-largest financial center in the nation, North Carolina is one of the fastest growing tech hubs where companies like this know they can flourish,” said Governor Roy Cooper in a statement.
The expansion is expected to increase North Carolina GDP by $800 million and net state revenue by $17.4 million by the end of the grant period in 2032, Commerce noted.
The company will invest upwards of $11 million, with approximately $5.9 million in real property and improvements, and another $5.9 in personal property.
Robinhood currently employs seven full-time workers in North Carolina, all of whom are currently working remotely.
It is in the process of finalizing its ethics policy, with Department of Commerce staff recommending that the final approval of the JDIG grant be contingent on this document being put into practice.
The value of the JDIG grant, over 12 years, is estimated to be approximately $4 million, with an additional value of nearly $550,000 in community college and workforce development awards. Another $157,000 in benefits will be made available to the company by the City of Charlotte.
The office will house customer support and account management teams, according to the North Carolina Department of Commerce. 13 roles with the company are currently listed as available on the company’s careers webpage.
(This story will be updated.)
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