The Utah Governor’s Office of Economic Opportunity awarded iCapital a post-performance tax reduction for its expansion in Salt Lake County. The corporate incentive is part of the state’s Economic Development Tax Increment Financing (EDTIF) program.
As part of the agreement, iCapital projects to add 200 new jobs and will continue to invest in Utah during the next seven years.
“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 the Governor’s Office of Economic Opportunity. “Fintech companies like iCapital make financial services more efficient and inclusive, reinforcing Utah’s role as a hub for technological progress and economic opportunity.”
iCapital is a global fintech leader shaping the future of private markets’ investing for financial advisors, wealth managers, asset managers and other important industry contributors. iCapital provides the technology platform to access and manage the lifecycle of a diverse range of non-traditional investment products, making it easier to learn about, buy, manage, and integrate alternative and structured investments (SI) and annuities into portfolios. With more than $918.5 billion in global transaction volume facilitated on its platform, iCapital continues to transform the investment industry landscape with technology, data infrastructure, and end-to-end solutions that help clients scale private market investing, unlock growth, and drive more efficient outcomes for all participants in the ecosystem.
“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. This is human-centered economic development in action, and it’s exactly the kind of progress we strive for.”