170 Fintech companies, 38,000+ employees, $715+ million YTD in Local Fintech Investments

Atlanta October 26, 2020 – The Technology Association of Georgia (TAG) has launched the updated market report for the Fintech ecosystem in Georgia for 2020.  The Fintech ecosystem is made of more than 170 companies that drive the Georgia financial services, payments, online lending, gateways, risk management and associated businesses.  The top 15 public companies generate more than $114 billion in annual revenues. Together, the Georgia-based Fintech community employs more than 38,000 professionals.

According to Larry Williams, TAG’s CEO, “TAG delivers an updated look at the Georgia-based Fintech market ecosystem every other year to keep track of the tremendous growth of this essential technology market.  The 2020 update focuses on the general sizing of the ecosystem, the 170 companies that make up the ecosystem, the merger/acquisition and investment activities.

“Fintech’s dramatic expansion in Georgia is evident across all sectors of the financial services community,” said Mr. Williams.  “Large organizations continue to innovate, acquire, and merge while new companies find market opportunities to launch groundbreaking new technologies and services.”

The past two years have brought a diverse range of M&A and investment activities to Georgia’s Fintech ecosystem.  Here is a sampling:

  • Mergers and acquisition sample transactions:
    • American Express acquires Kabbage
    • Intercontinental Exchange acquires Bridge2Solutions, merges it with ICE subsidiary Bakkt
    • Global Payments merges with TSYS FIS acquires WorldpayFiserv acquires First Data
    • NCR acquires D3 Technologies
    • Elavon acquires the Sage Pay unit of Sage Group
    • FLEETCOR acquires Travelliance
    • Payroc merges with Payscape


  • Venture Capital, IPO and spinoff sample transactions:
    • Greenlight raises $215 million, raising its valuation to $1.2 billion
    • Paya completes its IPO via a SPAC (Special Purpose Acquisition Company), is valued at $1.3 billion
    • Trust Stamp raises $7.7 million in Series A and crowdfunding equity
    • EVO Payments raises an additional$150 million in equity capital
    • Featurespace raises $37 million

Bakkt raises $300 million in Series B funding  “We have been impressed with the flexibility and speed with which Fintech companies have been able to respond to the Covid-19 pandemic,” said Mr. Williams.  “As the pandemic forced people and companies to stand apart and reduce contact, the Fintech community has answered with advanced contactless payment and financial services technologies that keep the world’s economies running efficiently.  Technologies that had been expected to be adopted over a five-year period is now on track to be embraced in mere months.”

If today is in fact the new normal, the Fintech industry, more than ever, is an essential cornerstone of the evolving worldwide digital economy.

“Innovation continues to drive the investment community in the Fintech sector,” said Sean Banks, Partner, TTV Capital and Chair, TAG Fintech Society.  “Across world markets, Fintech companies continue to attract significant investments.  Global Fintech investments in 2019 reached $135.7 billion and Georgia-based companies received their fair share. We continue to be impressed with the new technologies being generated within our local ecosystem.”

Over the last 10 years, an estimated 45 Fintech companies have been founded in Georgia, 38 of which were based in the Atlanta metro area.  Other Fintech companies as well have seen the logic of moving their operations to Georgia to enjoy closer proximity to partners, a robust talent pool, and access to an international customer corridor. An example is Deluxe Corporation expanding its existing Georgia presence, adding over 700 jobs in a Fintech and customer innovation center to be opened in metro Atlanta.

The 2020 TAG Fintech Ecosystem Report can be accessed at: https://www.tagonline.org/societies/fintech/

About Technology Association of Georgia (TAG)

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 30,000 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 26 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.