Did you know that the state of Georgia is the epicenter of the payments industry, a key economic
component of the worldwide financial services industry?
According to The Nilson Report, there were over 135 billion payment card transactions in
2011, representing about $2.3 trillion in total consumer and commercial purchases. Over
85 billion, or nearly two-thirds of these transactions, passed through the global networks of
Georgia FinTech organizations.
Numbering over 70 companies, the Georgia FinTech community is a diverse group of
organizations that support the payment systems and greater financial services industry. It is made
up of a mix of merchant acquirers and card processors such as First Data, Global Payments,
Elavon and TSYS; Point of Sale (POS) device manufacturers such as Ingenico and NCR; retail
banking solution providers such as Fiserv (CheckFree) and Intuit (Digital Insight); Identity,
Analytics and Risk firms such as Equifax and LexisNexis (ChoicePoint), as well as a number of
entrepreneurial firms setting the pace for innovation in the financial services marketplace. (See the
FinTech company listing on page 2.)
Georgia ranks first in the U.S for entrepreneurship, according to the Kauffman Index of
Entrepreneurial Activity (March 2011) and has had the largest increase in entrepreneurship of any
state in the last decade, providing a healthy marketplace for financial services.
In sizing the ecosystem, we estimate that Georgia-based FinTech companies exceed $20 billion
in annual revenue. The market capitalization of the eight Georgia-based publicly held FinTech
companies exceeds $22 billion. Measured in employees, we estimate the total number of FinTech
company staff to exceed 25,000. For example, the publicly held organizations employ more than
105,000 employees worldwide, with about 20% working in Georgia driving FinTech innovation and
ensuring payment transactions are flowing smoothly.
The FinTech Society of the Technology Association of Georgia (TAG) launched an initiative to
define the FinTech ecosystem and quantify its impact on Georgia’s economy, with the goal of
raising visibility for this key business sector and identifying opportunities to foster its continued
growth and success. Our research is NOT intended as equity analysis; we worked with publicly
available data and the guidance of equity professionals, whose assistance we greatly appreciate.
We also conducted qualitative interviews with firms across Georgia’s FinTech spectrum, whose
perspectives were invaluable and will clearly shape the sector’s future direction. As we build
awareness of the FinTech community and promote synergies between its companies and the
resources of the state, the entire Georgia ecosystem will benefit.
A Look at the Georgia FinTech EcosystemLike(7)