PROVIDENCE – The R.I. Commerce Corp. board on Monday approved up to $3.3 million in tax credits for eMoney Advisor LLC, a Pennsylvania-based firm that plans to open an office downtown and hire 100 full-time employees by 2020.
EMoney Advisor, which builds interactive financial technology for advisory professionals and their clients, plans to open the office for software development early this summer, and is still reviewing location options, according to company spokeswoman, Joanna Armandi.
The company will hire software developers, user interface and experience designers, software quality and testing engineers, product managers and associated support positions. The median annual salary is expected to be approximately $80,000, according to information from Commerce RI. The Providence positions are already listed on the company’s website.
The incentive package awarded to the company includes up to $3.2 million in Qualified Jobs tax credits and approximately $100,000, based on meeting certain hiring commitments, from the First Wave Closing Fund, according to a news release from Commerce RI.
Gov. Gina M. Raimondo said she is excited to welcome eMoney to Rhode Island, saying it is a sign Rhode Island is on the move. Commerce Secretary Stefan Pryor called it “another important win for our state.”
“We are very excited to welcome 100 full-time, well-paying technology jobs to Rhode Island, particularly in the fintech field,” Pryor said in prepared remarks.
Over a 12-year period, Rhode Island is projected to realize a net increase of more than $4.5 million in personal income, sales and business corporation taxes resulting from the 100 new hires at eMoney, as well as an increase of $26 million in Rhode Island’s annual gross domestic product by 2020 attributed to eMoney’s ongoing operations, said Commerce RI, citing an independent third-party economic analysis.
EMoney, which has more than 450 employees at its headquarters in Radnor, Pa., and in San Diego, was founded in 2000. CEO Ed O’Brien said in a statement that the company is looking forward to opening an office in Providence, and also has said he wants to tap into the talent network created by local universities.
Two years ago, eMoney was acquired by Fidelity Investments, although it operates independently.
