Salt Lake County’s fintech landscape is poised for a major boost as global fintech leader iCapital announces a significant expansion of its operations in Utah. The company, which manages a multi-billion-dollar alternative investment platform, plans to create 200 high-paying jobs over the next seven years, reinforcing the state’s position as a rising force in financial technology.
The Utah Governor’s Office of Economic Opportunity (GOEO) has awarded iCapital a performance-based tax reduction incentive under the state’s Economic Development Tax Increment Financing (EDTIF) program. The expansion is expected to generate nearly $3.7 million in new state tax revenue over the same period, supporting long-term growth in the region.
“Investing in the fintech industry positions Utah as a leader in cutting-edge financial solutions, diversifies our economy, attracts top talent, and lays a strong foundation for long-term growth,” said Jefferson Moss, Executive Director of GOEO.
iCapital’s expansion aligns with Utah’s broader strategy to develop a resilient, innovation-driven economy. Salt Lake City has emerged as a destination for fintech firms seeking a business-friendly environment, deep talent pool, and advanced infrastructure.
“Salt Lake City is thrilled for iCapital’s expansion, which reflects our city’s strength in technological innovation and forward-thinking entrepreneurship,” said Lorena Riffo Jenson, Director of Salt Lake City’s Department of Economic Development. “As we continue to grow our fintech sector, we’re not only fueling economic momentum, we’re creating high-quality jobs that support families and strengthen our communities.”
With this move, iCapital becomes the latest in a string of major players investing in Utah’s fintech ecosystem, further validating the state’s strategic focus on innovation and sustainable economic development.
