Led by seasoned banking professionals with deep ties to the local tech landscape, the Utah-based team is part of a national expansion effort by Wells Fargo’s Technology Banking division, which now includes more than 60 bankers across major innovation hubs in the U.S. According to the bank, the division has grown its headcount by 20% over the past year, indicating strong demand for specialized financial services tailored to the unique needs of tech firms.

“Utah’s tech ecosystem is flourishing, and we see tremendous opportunity to support its continued growth,” said Puon Penn, head of Wells Fargo’s Technology Banking. “By establishing a dedicated team in Utah, we can deliver more focused expertise, faster decisions, and personalized service to companies that are driving innovation.”

The newly formed Utah team will offer a range of services including growth capital, venture lending, treasury and cash management solutions, and tailored advisory services. FinTech startups, in particular, stand to benefit from Wells Fargo’s expertise in financial infrastructure and regulatory compliance—a crucial advantage for emerging players in a highly regulated industry.

With the tech sector showing signs of rebounding after the recent investment slowdowns, Wells Fargo is positioning itself to be a strategic partner to early-stage and high-growth companies looking to scale quickly. The bank also emphasized its interest in clean technology firms, reflecting a growing trend in sustainable finance and green innovation.

“We’re seeing a resurgence in tech optimism—especially in sectors like AI, climate tech, and digital finance,” said Jake Riffle, head of Early Stage Banking at Wells Fargo. “Our goal is to be there for companies from their first round of funding all the way through IPO and beyond.”

Utah has seen rapid growth in venture capital activity and has attracted major players in SaaS, cybersecurity, and FinTech. The presence of Wells Fargo’s dedicated team is expected to further catalyze the region’s momentum and provide much-needed financial infrastructure for scaling businesses.

The launch marks another step in Wells Fargo’s strategy to compete with other major banks and fintech-focused lenders in serving the innovation economy. As the intersection of technology and finance continues to evolve, having a team embedded in a tech-centric community like Utah could give the bank a significant edge.