MILWAUKEE — Fiserv announced on Thursday that they’re expanding operations into Milwaukee with the opening of a new global headquarters in the city’s historic Westown neighborhood downtown.

“Wisconsin is firmly planting its flag in the digital economy of the future,” said Wisconsin Economic Development Corporation Secretary and CEO Missy Hughes of the expansion.

The project will make the city one of the largest fintech hubs in the Midwest and add 250 jobs over five years as well as a $40 million investment. All jobs will be based at the new Fiserv campus at 640 Vel R. Phillips Ave.

However, the investment and jobs are all contingent on incentives being considered by the WEDC.

“Fiserv roots run deep in Wisconsin, and we’re proud to be expanding our presence and investment in the state and the local workforce. Our new world headquarters location will be a dynamic hub of collaboration and innovation, bringing our people together in an inspiring workplace to create opportunity for energizing and career growth experiences, as we lead the industry forward on behalf of our clients,” said Frank Bisignano, president, chairman and CEO of Fiserv. “As part of our investment in this new Fiserv global headquarters, we look forward to being a force for good, as we create positive and meaningful impact and grow our presence in the increasingly vibrant downtown Milwaukee community.”

Fiserv is a global technology leader and provider of payments and financial service solutions. This announcement comes at a time when fintech is a large and growing sector of the state’s economy.

“Fiserv is precisely the type of innovation-driven company we want and can well support in our state,” said Gov. Tony Evers in a press release. “The company’s decision to expand here says volumes about our talented and plentiful tech workforce known for its next-level skills, nimbleness and work ethic.”

As a 160,000 square-foot, state-of-the-art space, the new location will help inspire innovation and collaboration, Fiserv representatives said. It’ll also feature a world-class client meeting and conference center, social and collaboration spaces and culinary programming.

Mayor Cavalier Johnson said the new headquarters will be a “physical manifestation of the company’s brand experience” and that it will add positive energy to Milwaukee.

The area surrounding the location of the new headquarters is already witnessing remarkable investment and growth, including projects like the Wisconsin Convention Center expansion, the new home of the Milwaukee Symphony Orchestra, the Avenue’s food hall and more. A new transit line will also run along Wisconsin Avenue to provide more transportation options for Fiserv’s workforce and visitors.

“Fiserv adds the forward momentum of downtown Milwaukee, where their name already boasts a rich presence at Fiserv Forum, the home of the Milwaukee Bucks,” said Milwaukee City Development Commissioner Lafayette Crump. “The City is looking forward to Fiserv and its employees bringing talent, commitment and investment to Milwaukee.”