The fintech hiring 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 now are deluged with applicants. Revolut, for example, says applications to its data and engineering jobs are up 30%. iCapital, the wealth management fintech that announced plans to hire 100 new technologists earlier this month, could soon find itself in the same situation.
iCapital's new hires will increase its technology headcount by 25%. 400 of the firm's current 1,050 person headcount consists of 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 integral to iCapital's business. The firm, which provides wealth managers with access to alternative investments, needs technology to work, said Bizzozero: "The industry is so fragmented; there are custodian banks, administrators, transfer banks, and our technology needs 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 facilitating structured investments 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 New York trading strat group, until 2018.
Bizzozero says iCapital is building technology that can be "embedded across the entire ecosystem to ensure data flows digitally from one end to the other" and that, "a lot of the improvement and innovation we are investing in is blockchain technology."
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