Seminole may award incentives to financial firm

A fast-growing Silicon Valley company that allows customers to make stock purchases from their smartphones is poised to receive $210,000 in tax money from Seminole County, on top of $840,000 from the state, if it creates hundreds of new jobs that pay an average annual salary of $62,000.

On Tuesday, Seminole County commissioners are scheduled to consider whether to award Robinhood Markets Inc., based in Palo Alto, Calif., the jobs incentive money if it sets up a facility at 500 Colonial Center Parkway and hires 210 new employees over the next three years.

If the package is approved by the county, the state would then kick in its share for a total grant of $1.05 million to Robinhood under Florida’s Qualified Target Industry program.

The average annual wage in Seminole last year was $43,573. However, Robinhood did not provide in its application a detailed breakdown of how much each job will pay. The county and state won’t dole out money until the jobs are in place.

The company will make a $1.7 million investment in Seminole, including in the purchase of office equipment and building construction.

Robinhood is a financial services company founded in 2013 that offers a smartphone app that allows individuals to buy and trade stocks and securities without being charged commissions. The company earns revenue by collecting interest on the cash and securities in member accounts.

As of April, Robinhood was valued at $1.3 billion and has about 2 million users, according to Bloomberg Technology.