LendingTree, Inc., which operates the leading online loan marketplace, will expand its headquarters in Mecklenburg County, creating 436 new jobs by the end of 2023, Governor Roy Cooper announced today.
“The Charlotte area serves as a home to many corporate headquarters, and LendingTree’s expansion raises North Carolina’s profile as an exceptional place for business,” said Governor Cooper. “LendingTree is choosing to expand their headquarters here because they know and value our skilled workforce and our outstanding quality of life .”
LendingTree will provide a state-of-the-art facility that will attract new talent and provide a collaborative, amenity-rich environment for LendingTree’s 488 current headquarters-based employees to do their best work.
LendingTree operates the nation’s leading online loan marketplace and has a portfolio of brands and businesses that includes CompareCards, MagnifyMoney, Quote Wizard, Ovation Credit and DepositAccounts.com. The company’s online loan marketplace provides consumers with access to more than 500 lenders and credit partners, offering mortgage loans, home equity loans, reverse mortgages, auto loans, credit cards, personal loans, student loans, small business loans and more. In addition, LendingTree offers tools and resources, including free credit scores and credit monitoring, as its strives to simplify financial decisions for consumers through choice, education and support.
“LendingTree has experienced incredible growth in recent years, and after a thorough process, we are excited to continue that growth in Charlotte with the addition of over 400 high-paying jobs,” said Doug Lebda, founder and CEO of LendingTree. “We now have over 900 employees across the country with offices in Charleston, California, Chicago, and New York City. But I launched LendingTree over 20 years ago right here in Charlotte, so I’m thrilled that this city, and the state of North Carolina will remain the indisputable location for our corporate headquarters as we expand our footprint and advance our leadership position within the FinTech industry.”
Salaries for the new employees in North Carolina will vary by position and experience. Once all positions are filled, the average salary will be $101,140. The average salary in Mecklenburg County is $62,978.
“The most important asset for attracting and keeping a corporate headquarters is talent,” said North Carolina Commerce Secretary Anthony M. Copeland. “Charlotte has the experienced, top-tier financial services talent that Lending Tree needs to continue growing.”
The North Carolina Department of Commerce and the Economic Development Partnership of N.C. (EDPNC) led the state’s support for the company’s selection.
Lending Tree’s headquarters expansion in Mecklenburg County will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project will grow the state’s economy by an estimated $969 million. Using a formula that accounts for the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $8,373,000 spread over 12 years. State payments only occur following performance verification by the Departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
Because Lending Tree chose to expand in Mecklenburg County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving as much as $2,791,000 in new tax revenue generated through the grant into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 3 county such as Mecklenburg, the new tax revenue generated through JDIG grants helps more economically challenged communities throughout the state. More information on the state’s economic tier designations is available here.
“Charlotte has the talent, business climate, schools and amenities that make it an ideal choice for financial services headquarters,” said N.C. Senator Jeff Jackson. “By expanding its headquarters here, Lending Tree is reinforcing that fact.”
“Lending Tree is expanding in Charlotte because they know we have the workforce to make them successful,” said N.C. Representative Becky Carney. “I am proud to join the entire community in celebrating Lending Tree’s expansion here.”
Partnering with N.C. Commerce and the EDPNC on this project were the North Carolina General Assembly, the North Carolina Community College System, Mecklenburg County, the City of Charlotte and the Charlotte Regional Business Alliance.
###