Rhode Island Projected to Realize 4.5 M in Additional Tax Revenues and 26 M Increase in GDP from New Fintech Company
Rhode Island Governor Gina M. Raimondo and the Rhode Island Commerce Corporation today announced that eMoney Advisor LLC, which builds interactive financial technology for advisory professionals and the clients they serve, will establish a software development office in Providence later this year. The company has committed to bring 100 new full-time jobs to Rhode Island by 2020.
"I'm excited to welcome eMoney to Rhode Island. Over the last two years, thanks to partnership across government and with the business community, we've taken strides to make Rhode Island a more business-friendly state. eMoney's decision to open a new Rhode Island office and the most recent jobs data from the Labor Department are clear signs that Rhode Island is on the move," said Governor Raimondo. "By cutting red tape, reducing corporate taxes and investing in job training and workforce development, we've been able to drive our unemployment rate down to 4.5 percent – the lowest it's been since 2001. As more and more companies like E-Money take a fresh look at Rhode Island, I'm optimistic that we will continue to build on the progress we've seen in recent years."
Based on a third-party economic analysis, over a twelve-year period, Rhode Island is projected to realize a net increase of over $4.5 million in personal income, sales and business corporation taxes resulting from 100 new hires, as well as an increase of $26 million in Rhode Island's annual GDP by 2020 attributed to eMoney's ongoing operations.
The Providence office will be staffed by a range of technology professionals, including software developers, user interface and experience designers, software quality and testing engineers, product managers and associated support positions, with an estimated median annual salary of $80,000.
"This is another important win for our state," said Stefan Pryor, Secretary of Commerce for the Rhode Island Commerce Corporation. "We are very excited to welcome 100 full-time, well-paying technology jobs to Rhode Island, particularly in the fintech field. This is the latest in a series of job-producing wins – our 16th jobs deal in 15 months. Our third party economic analysis shows that our return on our state interment over the next dozen years will be positive."
"Over the past few years, eMoney has grown rapidly in many ways – from our product roadmap to our user-base and more. We look forward to adding a new office in Providence as another way to bring greater levels of success to our company and the industry. And we're excited to bring the culture of collaboration and innovation that we're known for to Providence," says eMoney CEO Ed O'Brien.
The company has been awarded a competitive incentive package which includes tax credits under the Qualified Jobs Incentive Tax Credit Program and a grant of up to $97,500, contingent upon attaining certain hiring commitments, from the First Wave Closing Fund to support talent attraction.
Founded in 2000, eMoney has more than 450 employees located at its headquarters in Radnor, Pennsylvania, an office in San Diego, California. The company serves approximately 45,000 financial professionals at some of the nation's largest RIAs, broker-dealers, banks, insurance companies and other financial institutions.
eMoney was acquired by Fidelity Investments in 2015, although it operates independently, serving a wide range of financial services providers outside of the Fidelity footprint. eMoney's incentive package does not affect Fidelity's operations in nearby Smithfield, R.I., nor has Fidelity's presence in the state impacted eMoney's incentives.
To apply for a position with eMoney, visit http://www.emoneyadvisor.com/careers.
About eMoney Advisor eMoney Advisor, LLC ("eMoney"), based in Radnor, Pennsylvania, is the only wealth-planning system for financial advisors and firms that offers superior transparency, accessibility, security, and organization for everything that affects their clients' financial lives. A technology envisioned and created to transform the way financial professionals deliver scalable advice and build collaborative relationships with their clients, eMoney's award-winning software and resources help advisors prepare their clients for secure financial futures. For more information, please visit www.emoneyadvisor.com.