After an exhaustive search for just the right place to open a new office, one San Francisco company picked Silicon Slopes.
LendingClub, an online credit marketplace based in San Francisco, announced last week that it will expand outside of California and open a second corporate office in Lehi.
“This area was the clear No. 1 choice,” said Steve Allocca, LendingClub president. He explained that the area’s access to a skilled labor force and tech talent was important. “We love the area for its tech focus, and we’re excited to tap into that talent pool.”
LendingClub started and grew for the past 10 years in San Francisco. Allocca said leadership knew it was time to expand beyond San Francisco and tap into another hub’s diversity of thought and talent. LendingClub will open in April with about 100 employees at its new 75,000-square-foot office space at Thanksgiving Point. Allocca expects the location to employ a few hundred workers by the end of 2019. Over the next 10 years, the company plans to add a total of 860 jobs.
“We’re excited to welcome one of fintech’s pioneers to Utah,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah, in a press release. “We hope that as the world’s largest peer-to-peer lending company, they’ll feel right at home — and busy — in Silicon Slopes.”
The Governor’s Office of Economic Development said in a release about the announcement that LendingClub will bring in $22 million in new state revenue and an estimated $17.85 million in capital investment over the next 10 years.