Incentives approved to lure Calif. fintech firm

Colorado’s Front Range continues to see a steady stream of California transplants — not just people, but entire corporations and satellite offices.

One of them could be a Bay Area financial technology (fintech) startup that is looking at the metro area and could bring in nearly 800 jobs over eight years.

Project Feline, a code name used to protect the company’s identity, is considering locations in Denver, Douglas or Arapahoe counties, as well as in Arizona and Florida.

To help sway the decision, the Colorado Economic Development Commission on Thursday approved $9 million in job growth incentive tax credits for the privately held company if it follows through.

“Colorado is not one of those states that leads with incentives. We are not as competitive as other states are,” said Michelle Hadwiger, the deputy director of the Colorado Office of Economic Development and International Trade.

But when the state does put an incentive offer on the table, it wins about eight out of 10 times, she added.

The new positions are to staff the expansion of the young company’s “customer experience” team and come with an average annual wage of $81,722.

While that is 119% of the average annual wage in Denver County, it is low compared with what other tech companies looking at Colorado have offered to pay.

“The average annual wage seems to be lower than what we have been approving,” said commissioner Denise Brown.

Hadwiger responded that the customer service team will include licensed investment professionals eligible for additional bonuses. A company representative said those typically represent a 5% to 10% bump in pay.

The commission approved only one incentive request at its monthly meeting, a lighter-than-usual load. Hadwiger told commissioners they could see eight projects at the October meeting.

Besides California, Colorado has found success recruiting companies in Australia and New Zealand. Hadwiger said about a half-dozen companies there have expressed interest in relocating to Colorado.

Next week, Lt. Gov. Dianne Primavera and representatives from COEDIT, the Metro Denver Economic Development Corp., Denver and Colorado Springs are headed to Down Under on a trade mission.

“Colorado’s strengths have great appeal to Australian and New Zealand markets, and our message continues to advance diplomatic and business relations,” Primavera said in a statement.