Georgia Fintech Companies Report Continued Growth
Despite the global pandemic, Georgia’s Fintech ecosystem continues to thrive, says a new report.
The Technology Association of Georgia (TAG) recently released its 2022 Fintech Ecosystem Report, which highlights the recent growth and success of Fintech.
“The latest report once again spotlights Georgia as a world leader in Fintech and provides valuable insight into Georgia’s ever-growing Fintech ecosystem,” said Mike Morris, Chairman of TAG’s Fintech Society.
More than 200 Fintech firms, employing over 42,000 people, call Georgia home.
These companies operate technology that supports financial services disciplines including payments, gateways, online lending, risk management and related businesses.
Fintech has 18 public companies that are formally headquartered or have a significant presence in Georgia.
The combined revenue of the top 10 public companies was $74.3 billion in 2021, an increase of 15.7% over the 2020 revenue of the same organizations.
The top 10 companies also had a combined market value of $274 billion at the end of the year, up 21% from 2020.
“The report once again demonstrates that Georgia is a global epicenter for Fintech, transactions and innovation,” said Larry K. Williams, President and CEO of TAG. “These comprehensive reports are extremely valuable resources not only for the Fintech sector, but the entire technology ecosystem.”
The report reflects a dynamic ecosystem responding to increasing 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 nearly $400 million in venture capital and third-party equity funding in the first five months of 2022.
2022 merger and acquisition transactions (from August):
- Global Payments agrees to buy EVO Payments for $4 billion
- Global Payments sold the consumer part of its Netspend business to Searchlight Capital
- Urjanet has been acquired by Arcadia for an undisclosed amount
- Intercontinental Exchange announces plans to buy Black Knight for $13.1 billion
- FIS bought 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
Funding events in 2022 of more than $5 million and IPO transactions (as of August):
- DefenseStorm completed a $15 million 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 investment from Medipower and a large number of individual investors
- Verdata raised $3 million in seed funding
- Wayflyer raised $150 million in Series B funding led by DST Global and QED Investors
Fintech Ecosystems expects 5,000 new positions to be added by 2024.
An online event will be held to further delve into the details of the Technology Association of Georgia’s (TAG) Fintech Ecosystem Report on August 30. For information about the event, click here.
Serving more than 31,000 members nationwide through regional chapters in Metro Atlanta, Augusta, Columbus, Macon/Middle Georgia and Savannah, TAG helps support, grow and ignite technology leaders, companies and the overall Georgia economy. For more information, visit tagonline.org.
