For many, when asked what they associate with Georgia, they’ll likely reference peaches, peanuts, Coca-Cola or the state’s rich musical heritage (Ray Charles, Allman Brothers, Otis Redding, R.E.M., among others), but few likely know that Georgia has emerged as a hub for technology -- specifically, financial technology (fintech). As 2018 draws to an end, we would like to celebrate Georgia’s influence on the fintech ecosystem by sharing some interesting facts about on the state’s impact on the industry through the years:
- 70% of U.S. financial transactions pass through Georgia, earning Atlanta the nickname “Transaction Alley” according to the Georgia Department of Economic Revenue.
- Georgia’s influential role in the payments landscape can be traced back to 1987, when the Georgia Bankers Association advised the Georgia General Assembly to remove restrictions on bank issued credit cards. Several banks moved their card operations to Georgia to take advantage of this free market.
- Some of the largest U.S. payment processing firms are Georgia-based, including First Data, Global Payments, TSYS, Elavon, Bank of America Merchant Services and World Pay (U.S. HQ). Georgia currently boasts a total of 125 fintech companies.
- To continue feeding talent into this booming industry, the Georgia Fintech Academy works with 26 public institutions in the University System of Georgia to offer an online learning platform that prepares college students to enter the workforce.
- Georgia FinTech organizations employ more than 38,000 professionals in the state and over 130,000 globally.
- More than 15 million global card-enabled merchants rely upon Georgia-based companies to process transactions.
- Georgia-based PowerPlan claimed the second-largest deal on KPMG’s List of Top 10 US Fintech VC, PE and M&A deals in H1'18 at $1.1 Billion (a deal which ranked 10th largest globally).
- The top 20 Georgia-based fintech companies generate more than $72 billion in annual revenue.
- The FinTech Talent Development Insights Report defined a need for 5,000 new employees in the sector over the next 3 years to meet the growing demand for talent.
Georgia continues to play a key role in the financial technology sector. William Mills Agency is proud to be a Georgia-based company that has been a part of this thriving industry for the past 41 years. Georgia owes much of its success to the organizations and lawmakers who continue to create an environment that supports businesses of all sizes, from startups to Fortune 500s. We have high hopes for 2019 and look forward to seeing what’s next for Georgia.
For more information on Georgia’s influence on fintech and payments, see georgiafintech.org.