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SALT LAKE CITY — The state financial services industry is expanding and adding hundreds of new jobs in the process.
The Utah Governor’s Office of Economic Development announced Thursday that Brex, a San Francisco-based financial technology company, will open a new location in the Salt Lake Valley, creating up to 1,000 new positions over the next seven years.
Founded in 2017, the firm issued the first corporate credit card designed for startups that determined credit limits based on nontraditional metrics such as real-time monitoring of business customers’ bank accounts and transactions. Since launching, Brex has entered the e-commerce and life science industries with the intent to offer tailored underwriting, benefits and rewards to the two new segments in need of financial solutions.
“Brex has grown tremendously over the last year and we’re excited to play a part in creating more opportunity for Salt Lake City’s thriving workforce,” said Henrique Dubugras, Brex co-founder and co-CEO. “We recognize the incredible talent working in Utah and look forward to continuing scaling alongside Utah’s Silicon Slopes.”
Based on the incentive approved by the GOED board of directors, the company may earn up to 25% of the new state taxes it will pay over the seven-year life of the agreement in the form of an Economic Development Increment Finance tax rebate. The GOED board approved a postperformance tax rebate not to exceed $2.7 million.
“Utah is the place for technology and our fintech industry continues to expand,” said Val Hale, executive director at the Utah Governor’s Office of Economic Development. “We’re pleased that Brex has chosen Utah, and we wish them the best as they continue to grow as a company.”
