Social Money Systems has entered into a lease agreement to more than double its existing office space in West Des Moines and plans to hire approximately 35 more employees this year, the company said.

Social Money, which has begun offering its SmartyPig savings program to the financial services and retail sectors through its new product, GoalSaver, said it will be hiring across a spectrum of high-paying professions, including Web developers, engineers, project managers, graphic designers and salespeople. The majority of the new hires will be based at its West Des Moines headquarters. The company currently employs 30 people.

Social Money CEO Scott McCormack said the growth from its new business-to-business software product, GoalSaver, is driving the need for expansion.

Using the GoalSaver product, any financial institution, merchant or prepaid card processor can offer SmartyPig to its customer base.

SmartyPig, a goal-based personal savings program developed five years ago by Jon Gaskell and Mike Ferrari, enables its users to share their savings goals with friends and family members by using social media.

The privately held company has no plans to seek economic development incentives from the state or the city of West Des Moines, McCormack said.

Earlier this month, Social Money announced it had signed a contract with India-based ICICI Bank, which has operations in 19 other countries, to offer GoalSaver to its customers.  McCormack said this morning that ICICI “is just the cusp of the type of client base that’s talking to us right now,” and that he expects to make further announcements this summer.

Social Money will expand into nearly 9,000 square feet of leased space at its current location at 1271 Eighth St. in West Des Moines; it has already filled an initial 4,000 square feet that it began leasing just four months ago. The added space is being finished out now, and the company plans to move in within two months, McCormack said.