Fintech hires hundreds of engineers: iCapital explains why

With fintechs like Stripe cutting jobs and adding their own unwanted developers to a market already populated by thousands of people leaving big tech, fintechs that are still hiring are now flooded with applicants. Revolut says, for example, that applications for IT and engineering jobs have increased by 30%. iCapital, the wealth management fintech that announced plans to hire 100 new technologists earlier this month, may soon find itself in the same situation.

iCapital’s new hires will increase the number of technology employees by 25%. 400 of the company’s current 1,050 employees are technologists.

Marco Bizzozero, the former head of Deutsche Bank Switzerland, and iCapital’s head of international, told students at the London School of Economics’ Alternative Investment Conference that technology is an integral part of iCapital’s business. The firm, which gives wealth managers access to alternative investments, needs technology to work, Bizzozero said: “The industry is so fragmented; there are custodians, administrators, transfer banks, and our technology has to be end-to-end.”

Headquartered in NYC, iCapital has offices in Zurich, London, Lisbon, Hong Kong, Singapore and Toronto. Last year, it acquired Simon Markets, a technology platform that facilitates structured investment and annuity products, along with Raymond Lam, Simon’s chief technology officer and the former co-head of global systematic trading strategies in Goldman’s trading group in New York, until 2018.

Bizzozero says iCapital is building technology that can be “integrated across the entire ecosystem to ensure data flows digitally from one end to the other,” and that “much of the improvement and innovation we’re investing in is blockchain technology.”

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