New Cherapa place headquarters to grow The Bancorp’s Sioux Falls fintech hub

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SIOUX FALLS, S.D. (KELO) — Construction is now underway on the new Cherapa Place development in downtown Sioux Falls, the future Sioux Falls headquarters of The Bancorp.

“The Bancorp was really the igniter of the whole project, you can create these visions but you have to have those tenants to get it going,” Pendar Properties President Jeff Scherschligt said.

This new Cherapa development is not only a big addition for Sioux Falls, but a major part of expanding the growing Sioux Falls company.

“We’ve been here for over two decades and we need to grow our footprint and make a better name for ourselves here,” The Bancorp Chief Operating Officer Greg Garry said. “We’ve been kind of flying under the radar on the south side of Sioux Falls. This is kind of our coming-out party, we’re taking on the top floors of the office complex, doing the naming rights for the building.”

“They’re taking 50,000 square feet, floors eight, seven and half of six,” Scherschligt said.

It’s a major investment in Sioux Falls for one of the nation’s largest financial technology companies.  

“We’re about a six billion dollar bank, but that doesn’t really talk to our size,” The Bancorp President and CEO Damian Kozlowski said. “We do hundreds of billions of transactions, mostly in the Fintech industry, where we enable companies like Chime and PayPal to really revolutionize the financial services industry.”

“When you look at growth within our market within the fintech arena it’s exploding,” Executive Vice President Ryan Harris, The Bancorp’s Head of Fintech Solutions said. “You’ve got companies like PayPal and Chime and Venmo for example, we’re really the bank behind many of those companies that are exciting and doing awesome things in financial services.”

This new building will help grow Sioux Falls as the company’s national hub for fintech solutions.

“Our division has been located here since 2002 when it all got started,” Harris said. “When you look at ultimately where we want to grow as a company, Sioux Falls is a phenomenal workforce, the work ethic here and the type of people we can hire here are really second to none and the company recognizes that.”

“It’s the people of Sioux Falls, their values, their commitment to family, progress, hard work, that makes it an incredible foundation,” Kozlowski said.

Bancorp’s move to this new Sioux Falls facility will include adding up to 85 new highly skilled jobs.

“It’s really a little bit of everything, whether it’s in our finance area, cyber security is a big area, obviously with Dakota State being here, that’s really an attractive area for us to recruit,” Harris said.

The company hopes its new highly visible headquarters in the heart of Sioux Falls will help The Bancorp continue to recruit top talent.

“It just another way for Sioux Falls to know that we’re here, that we’re hiring, and that we always have a lot of high paying jobs that we want the talent here in Sioux Falls to fill as opposed to filing them on one of the coasts,” Garry said.

The Bancorp’s new downtown home is still two years away, but the company is still growing and adding staff at its current location in Sioux Falls.

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