More than 200 companies employed over 42,000 in Georgia’s fintech community in 2021
ATLANTA (August 25, 2022) – Georgia’s fintech ecosystem continues to grow and thrive, despite the pandemic and Great Resignation, says Technology Association of Georgia’s (TAG) Fintech Ecosystem Report. More than 200 fintech firms call Georgia home, employing over 42,000 people and providing a significant boost to the state’s economy. An estimated 5,000 new jobs are expected to be added by 2024.
These companies drive technology supporting financial services disciplines, including payments, gateways, online lending, risk management and associated businesses. There are 18 public companies formally headquartered or with a significant presence in Georgia. The combined revenue of the top 10 public companies was $74.3 billion in 2021, which is a 15.7% increase over 2020 revenues from the same organizations. The top 10 companies also had a combined year-end market capitalization of $274 billion, up 21% from 2020.
Those are just a few highlights from TAG’s 2022 Fintech Ecosystem Report, one of the most comprehensive and authoritative overviews of Georgia’s fintech ecosystem. This year’s edition provides insights into the trends, companies, organizations and academic institutions that work together to build these critical capabilities.
“The report again shows that Georgia is a global epicenter for fintech, transactions and innovation,” said Larry K. Williams, President & CEO of TAG. “These comprehensive reports are extremely valuable resources, not only to the fintech sector, but the entire technology ecosystem.”
The report reflects a dynamic ecosystem responding to surging digitization and automation in global financial markets. In 2021, there were 22 fintech acquisitions and 11 funding events in Georgia of at least $7 million.
Georgia-based fintech companies received venture capital and third-party equity funding of nearly $400 million in the first five months of 2022.
“We’re proud to release the latest version of TAG’s Fintech Ecosystem report,” said Mike Morris, Chair of TAG’s Fintech Society. “The latest report once again spotlights Georgia as a world leader in Fintech and provides valuable insight into Georgia’s ever-growing Fintech ecosystem. Many thanks to the volunteers for all their hard work to put this report together.”
2022 Merger & Acquisition Transactions as of August
- Global Payments agrees to acquire EVO Payments for $4 billion
- Global Payments sold the consumer portion of its Netspend business to Searchlight Capital
- Urjanet is acquired by Arcadia for an undisclosed amount
- Intercontinental Exchange announces plans to acquire Black Knight for $13.1 billion
- FIS acquired Payrix for an undisclosed sum
- nCinco acquired SimpleNexus for approximately $270 million
- MerchantE was acquired by Integrum Holdings for Cielo for $290 million
- REPAY acquired Payix for up to $95 million
2022 Funding Events of More Than $5 Million and IPO Transactions as of August
- DefenseStorm completed a $15M Series C raise led by JAM FINTOP
- Ledgible raised $20 million in Series A funding from investors including EJF Capital, TTV Capital and Thomson Reuters Ventures
- Keep Financial closed a $9 million seed round led by Andreessen Horowitz
- FilmHedge closed $100 million in debt financing
- Groundfloor announced $118 million in investments from Medipower and a large number of individual investors
- Verdata raised $3 million in seed funding
- Wayflyer raised $150 million in Series B financing co-led by DST Global and QED Investors
Join us virtually on Tuesday, August 30 at Noon for a lively interactive discussion exploring the 210+ companies, from startups to Fortune 500 firms, that comprise Georgia’s booming Fintech landscape. Featuring proprietary TAG research as well as personal reflections of those on the front lines, we’ll explore venture capital, new technologies like blockchain and crypto, partnerships and cultivating the next generation of talent. For more information about this event and to register, https://www.tagonline.org/event/georgias-fintech-ecosystem-a-deep-dive-with-the-experts/
TAG’s mission is to Connect, Promote, Influence and Educate Georgia’s technology ecosystem to advance the innovation economy. Through those four foundational strategies TAG serves the technology community, helping to support, grow and ignite tech leaders, companies and the overall Georgia economy. TAG serves more than 31,000 members statewide through regional chapters in Metro Atlanta, Augusta, Columbus, Macon/Middle Georgia, and Savannah. TAG hosts more than 150 events each year and serves as an umbrella organization for 20+ professional societies. TAG provides networking and educational programs, celebrates Georgia’s technology leaders and companies, and advocates for legislative action that enhances the state’s economic climate for technology.
Additionally, the TAG Education Collaborative (TAG-Ed) focuses on helping science, technology, engineering, and math (STEM) education initiatives thrive. For more information visit the TAG website at www.tagonline.org. For more information visit the TAG website at www.tagonline.org.