Deserve, Inc., a venture-backed fintech company, will invest $1.2 million to open an office in Salt Lake Valley, Utah. The project is expected to create up to 258 high-paying jobs in the next five years.
Deserve provides a digital-first, mobile-centric, highly configurable credit card solution using machine learning and alternative data.
“We’re excited that Deserve has chosen to grow in Utah and add to the state’s robust fintech sector,” said Val Hale, GOED’s executive director. “The new high-paying jobs Deserve will create will support a wide range of areas including human resources, information technology, finance and accounting.”
“Salt Lake Valley’s diverse and entrepreneurial talent pool and business-friendly environment provide Deserve with a unique opportunity to scale our operations while aligning with our entrepreneurial spirit and diverse culture,” said Kalpesh Kapadia, founder and CEO of Deserve. “We are proud to be a part of Utah’s thriving fintech ecosystem and add our expertise to this growing community of innovators.”
As an incentive, Deserve may earn up to 20% of the new state taxes it will pay over the five-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax credit. The GOED Board has approved a post-performance tax credit not to exceed $374,089. Each year that Deserve meets the criteria in its contract with the state, it will earn a portion of the total tax credit.
“Utah has a front-and-center role in the transformation of financial services, and is one of the leading locations nationwide for fintech expansion with the skilled workforce to match,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah. “We welcome Deserve to our state.”