San Francisco-based SoFi is investing in space in Frisco.
The well-funded firm is set lease office space of about 12,500 square feet – and it could reach over 100 full-time employees in more than four years, under a performance agreement, according to Ron Patterson, president, Frisco Economic Development Corp.
The site is at Hall Park in Frisco.
“For over two years, SoFi has leased a temporary office space in the Lewisville area, with around 50 employees currently,” a spokesperson for SoFi said in an email. “We've signed a lease to provide these employees a permanent space for when we eventually return to the office.”
The investment by SoFi shows the growing interest of fintech – and financial services in general – in North Texas. Silicon Valley’s Robinhood is opening an office in Southlake and plans to hire more than 100 employees there this year, a spokesperson said. There are also locally grown companies in the industry, including Alkami and Zirtue. These kinds of companies have been attracting investments and hiring workers.
“Any time a company that currently has a footprint in Frisco expands and job opportunities increase, this is a benefit for Frisco at large,” Patterson said.
SoFi, founded in 2011, started out focusing on student loan refinancing and has since branched out into other personal finance services such as tools for borrowing, saving, spending and investing. The company has more than 1 million users.
Last year, the company raised more than $500 million in equity financing led by Qatar Investment Authority, which values SoFi at $4.3 billion on a pre-money basis. It’s been active. For example, in April, SoFi announced it signed an agreement to acquire Galileo Financial Technologies, which helps with payments, for $1.2 billion.
