San Francisco-based fintech startup Earnest is opening a second location in Utah, adding up to 500 jobs to the community and $5.6 million in capital investment over the next five years.
Earnest, which offers low-interest, no-fee loans to credit-worthy borrowers, currently has 150 employees located at its headquarters. The new Utah operation will employ team members across credit and client operations, sales and marketing, engineering and management positions.
Earnest looks beyond traditional markers of creditworthiness to consider factors such as income, savings, education, employment and credit history. Services include personal loans, student loan refinancing and home loans.
Louis Beryl, CEO and co-founder of Earnest, says: “Utah has become a thriving hub for both technology and financial services companies, with a deep talent pool across multiple areas that is complementary to what we see in San Francisco. Expanding to Utah is an important next step as we continue working to build the modern bank for the next generation.”
Supported by the promise of a $2.8 million tax rebate for setting up shop in Utah, Earnest will join other innovative fintech startups, including Varo Money and SoFi, in the state's thriving tech community.
Bloomberg reported this week that Earnest is seeking to raise $50 million in new equity and has hired Barclays in a quest to find a suitor willing to pay up to $200 million to takeover the company.