EDCUTAH INDUSTRY PROFILE | 2017 FINTECH IN UTAH ON THE COVER Not fully crazy about the cover After searching for several hours, there are several directions we could go. The one on the front tells a little bit of the story of FinTech, but I’m not crazy about it. Let’s discuss. The Perfect Place for Finance and Technology to Play Together Industry • Utah is proud to be home to companies like SoFi, MX, • From 2012-15, Utah’s post-performance tax incentives Esurance, HealthEquity, Progrexion, and many others. facilitated nearly 25,000 new jobs and more than Utah is an emerging global hub for innovative FinTech $2.5B in capital investment. companies, with established complementary industries in software development and financial services. • In 2017, the Tax Foundation ranked Utah’s Total Tax Climate as the 9th best in the nation. Since 2011, • MX’s FinTech Festival, held at the famous Sundance Utah has eliminated or modified nearly 400 business Resort, is an exclusive event where leaders in banking regulations to ease the burdens placed on businesses. and finance discuss the trends, issues and opportunities they see evolving in the FinTech market. Trained Workforce • Utah has high employee concentrations of software • Utah has industry expertise in both the tech sector and developers, web developers, financial analysts and financial services, making it an ideal location for any many other FinTech-related occupations. FinTech company. Utah also has incredible access to capital, with Provo, UT ranking #1 nationally in • There are a wealth of FinTech education resources in dollar-per-deal averages, and Utah, with 11 major institutions offering programs Salt Lake City, UT ranking #3. related to information technology and finance. Best State for Business • Utah is recognized nationally as an established tech hub • Forbes magazine has recognized and a burgeoning finance market. These two industry Utah as “The Best State for clusters employ more than 145,000 people—a 26% Business & Careers” six of the growth during the last five years. past seven years. EDCUTAH FINTECH PROFILE EDCUTAH.ORG MAJOR UNIVERSITIES AND COLLEGES MAJOR EMPLOYERS 1 Utah State University 5 Salt Lake 8 Brigham Young University 1 Esurance Community College 2 Weber State University 9 Snow College 2 Finicity 6 Utah College of 3 University of Utah Applied Technology 10 Southern Utah University 3 Fiserv 4 Westminster College 7 Utah Valley University 11 Dixie State University 4 Galileo Processing 5 PayPal 6 Progrexion A 7 Scalar Analytics LOGAN 8 Simple 1 Finance 9 Snap! Finance 10 SoFi 11 Chargeback 12 E-Trade B OGDEN 13 HealthEquity 1 2 14 Lendio DivvyPay 3 4 15 SALT LAKE CITY 16 eFileCabinet 5 A 17 MX (formerly MoneyDesktop) C 18 Progressive B Leasing 19 ProPay C 6 20 Womply PROVO 7 8 9 MOAB 10 11 ST. GEORGE Major FinTech Employers COMPANY EMPLOYEES* DESCRIPTION Chargeback 50-99 Chargeback develops software and tools to help merchants prevent and manage chargeback map #11 fraud, providing fraud monitoring, responses, and alerts. DivvyPay <20 Divvy is the first free, fully-automated, proactive spending management platform, providing map #15 instant visibility and control over business spending and expenses. E-Trade 250-499 E-Trade is a pioneer in the online brokerage industry and provides digital platforms for online map #12 stock broking and retail banking. eFileCabinet 100-249 eFileCabinet develops full-fledged electronic document management software for capturing, map #16 managing, and protecting data for organizations. Esurance 100-249 Esurance is a tech driven, multi-line insurance company backed by Allstate, offering vehicle map #1 and property coverage to consumers. Finicity 100-249 Finicity is an innovator in personal financial management and developed software for financial map #2 data aggregation for optimized data access and application. Fiserv 50-99 Fiserv provides technology based innovations for payments, processing services, risk and map #3 compliance, and customer and channel management. Galileo 100-249 Galileo Processing develops software for payment processing, authorization, full service API, Processing map #4 and financial analytics and reporting. HeathEquity 500-999 HealthEquity is a leading health care account management company, specializing in health map #13 plan integration and online payment portals. Lendio 50-99 Lendio provides a technology platform to compare business loans, rates, and terms, allowing map #14 businesses to gain the capital they need quickly and efficiently. MX (formerly 100-249 MX provides digital banking providers and financial institutions with software for data-driven MoneyDesktop) map #17 money management, financial data API, analytics, and financial marketing. PayPal 50-99 PayPal is an industry leader and innovator of online payments, mobile commerce, money map #5 transfers, payment processing, and e-commerce. Progressive 250-499 Progressive Leasing provides retailers with lease options for their customers, and provides a Leasing map #18 lease-payment technology software for greater customer service. Progrexion 500-999 Progrexion is a leading provider of credit report repair services, using technology to help map #6 consumers understand, verify, and correct inaccuracies with creditors and bureaus. ProPay 100-249 ProPay is a trusted leader in offering simple, secure, and affordable payment processing map #19 technology for entrepreneurs and small businesses. Scalar 20-49 Scalar Analytics is a leading provider of valuation services for tax, financial reporting, and Analytics map #7 transaction advisory purposes. Simple 100-249 Simple Finance is a technology based personal banking company that uses behavioral Finance map #8 economics to help its customers spend smarter and save more. Snap! 50-99 Snap! Finance is a digital finance company that specializes in providing consumer financing Finance map #9 and rent-to-own purchase options to retailers and consumers. SoFi 100-249 SoFi is a technology driven finance company specializing in refinancing student loans, map #10 consolidation, mortgages, personal loans, MBA loans, and more. Womply <20 Womply is a software-as-a-service (SaaS) provider to small and medium businesses, using map #20 technology and data to grow, protect, and simplify small business. EDCUTAH FINTECH PROFILE EDCUTAH.ORG Recent Announcements Womply to Join Silicon Slopes (2016) Womply will open a Utah office, adding up to 175 high-paying jobs to the community. Founded in San Francisco in 2011, Womply uses technology and data to grow, protect and simplify small business. “We are thrilled to be expanding into Utah County and to tap into the great pool of local talent,” said Cory Capoccia, president of Womply. “We aim to build a lasting presence in the area.” SoFi Picks Utah for Regional Office (2016) SoFi will open a regional office in Utah, adding up to 400 jobs to the community. “SoFi is an exciting disruptive company in both finance and technology,” said Val Hale, executive director of GOED. SoFi has indicated that the project will create up to 400 jobs over the next five years. The projected new state wages over the life of the agreement are expected to be approximately $108.9 million. Snap! Finance to Expand Utah Headquarters (2016) Snap! Finance is expanding their customer service and corporate operations in Utah. The project will add up to 142 jobs to the community and produce an expected $2.5 million in capital investment. “Supporting local business growth is one of the most important economic development investments we can make in the state of Utah,” said Val Hale, executive director of GOED. “This new addition strengthens our economy by offering residents diverse jobs in the growing financial tech industry.” University of Utah Opens New Lassonde Entrepreneur Institute (2016) In 2016, the Lassonde Entrepreneur Institute at the University of Utah opened the $45 million Lassonde Studios, a one-of-a-kind facility where students can live, create new products, and launch companies. The Lassonde Entrepreneur Institute is a nationally ranked hub for student entrepreneurship and innovation. The 20,000 square foot first floor is dedicated to innovation space and workshops, including workbenches, group coworking areas, 3-D printers, laser cutters, power tools, and more. Health Equity to Grow its Utah Headquarters (2015) HealthEquity announced that the company will expand at its Utah headquarters, adding an estimated 200 jobs over the next six years. “We congratulate HealthEquity on their continued growth,” said Val Hale, executive director of GOED. “We’re always thrilled when successful companies not only start but also stay here. As more company leaders acknowledge Utah’s business-friendly environment, they see their investment truly pays off.” Allstate subsidiary (Esurance) bringing 700 jobs to Ogden (2013) Esurance, a subsidiary of Allstate, will open a customer-service office in Utah that is expected to create 700 new jobs with a capital investment of $15,000,000. Esurance President and CEO, Gary Tolman, said, “Weber County has a talented workforce that will help us to continue to provide a seamless experience for Esurance customers as we expand.” University of Utah opens the $45 million Lassonde Studios. San Francisco-based SoFi will add 400 jobs to it’s new Salt Lake City Expaned Esurance office will regional office. bring 700 jobs to Ogden. EDCUTAH.ORG EDCUTAH FINTECH PROFILE Cost Profile Industry Wages (Annual Median) Primary Occupational Wages (Annual Median) $180K SOURCE: Bureau of Labor Statistics,