Another fintech company will open a Charlotte office, creating up to 750 jobs

Another fintech company will open an office in Charlotte, creating hundreds of jobs in South End.

San Antonio, Texas-based USAA — a financial, banking and insurance company that serves military families — will open an office at 200 West Blvd. in South End this year, creating up to 750 jobs over the next few years, the company said Thursday. USAA already has about 100 employees in the Charlotte area, all of whom are working remotely.

The announcement follows Tuesday’s news that fintech Credit Karma was investing $13 million to open its East Coast headquarters in Charlotte, creating 600 jobs paying a minimum of $156,000.

USAA offers insurance, investing and banking to U.S. military and veterans and their families. It has 36,000 employees around the world with 16 offices in seven U.S. cities and three internationally. The company reported revenue last year of $36.3 billion.

USAA employees, who will work either onsite or in a hybrid model, are expected to begin moving into their South End office by the end the year. USAA’s lease at The Square at South End is for six floors of the 10-story, 153,000-square-foot building consisting of about 90,000 square feet of office space.

The company declined to say how much it is investing in the Charlotte project, spokesman Christian Bove said.

USAA offers insurance, investing and banking to U.S. military and veterans and their families.
USAA offers insurance, investing and banking to U.S. military and veterans and their families.

Access to talent

Charlotte was selected because of the availability of highly skilled workers in the financial services sector, according to USAA.

“It gives us even greater access to some of the top banking and technology professionals in a community that has a deep understanding and care for the military,” USAA President and CEO Wayne Peacock said in a statement.

Credit Karma founder and CEO Kenneth Lin said having so many financial companies concentrated in one market makes Charlotte’s talent pool “unrivaled.”

As of Thursday afternoon, USAA had posted nearly 40 jobs in Charlotte for positions including auditors and quality assurance.

“Employers looking for a highly skilled work force and high quality of life keep coming to North Carolina,” Gov. Roy Cooper said in a statement Thursday about USAA’s plans.

Other fintech companies in Charlotte

There are other fintech firms that also are expanding into Charlotte.

In March, stock trading app Robinhood said it will invest $11.7 million to open an office in Charlotte with the average salary just over $76,000. And, last summer, Centene Corp. of St. Louis said it will spend $1 billion and add 3,200 jobs in Charlotte by opening an East Coast headquarters and technology hub in the University area.

Charlotte now has more than 60 fintech companies, with expansions that also include LendingTree, AvidXchange and Better.com, City Councilman Tariq Bokhari, executive director of the Carolina Fintech Hub, said in a statement after Credit Karma’s announcement.

“Our city of Charlotte is a dominant national force in fintech,” Bokhari said Thursday.