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Why Utah? Because It’s a Leader for Fintech

Salt Lake City

Utah is widely recognized as a hub for the finance and technology sectors, which has led to an explosion of growth for fintech in the state. This clustering of important industries supports a robust fintech ecosystem. Highlights include:

  • Fintech is an important part of our overall economic goals and strategy in Utah. The finance and technology clusters in Utah employ more than 170,000 people with 18% growth over the past five years (since 2021)
  • The fourth largest office globally for Goldman Sachs is located in Utah and is also the branch behind the Apple Card
  • Two-thirds of industrial banks are headquartered in Utah with over 93% of industrial bank assets
  • Utah has friendly banking laws and regulations that have and will continue to support these industries
  • Tax Foundation ranked Utah ninth best in the nation for total tax climate
  • Utah is a hub for financial services companies due to favorable regulations

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