Financial Technology Report Shows Georgia Leads as Global FinTech Hub
Thursday, May 17th, 2018
The Technology Association of Georgia, the state's leading association dedicated to the promotion and economic advancement of Georgia's technology industry, has unveiled its 2018 State of Georgia's FinTech Ecosystem Report.
The report, revealed at TAG's inaugural FinTech South event May 7-8 at the Mercedes-Benz Stadium in Atlanta, gives an assessment of Georgia's dynamic financial technology (FinTech) ecosystem, which has experienced continued growth and increased momentum as the world becomes increasingly dependent upon digital payment and card transactions.
Highlights from the report include:
More than 38,000 FinTech specialists drive Georgia's FinTech ecosystem.
The top 20 Georgia-based FinTech companies generate an estimated $72B in annual revenue.
Some 57.7 billion U.S. purchase transactions are processed by Georgia-based acquirers, roughly two-thirds of the total volume.
More than 120 FinTech companies are headquartered, or have significant presence, in Georgia.
The leaders of Georgia's technology community have spent nearly a decade convening, uniting and growing the FinTech sector into the powerful ecosystem that it is today," said Larry K. Williams, President & CEO of TAG. "Now 70 percent of all credit card swipes, debit card payments and gift card purchases go through Georgia-based companies. So many that we've earned the nickname 'Transaction Alley'."
Every two years, TAG FinTech, a professional society of TAG, produces the ecosystem report. Since the 2016 report, Georgia's FinTech ecosystem has surged, with growth in startups, companies and economic activity. The information is collected in conjunction with the Financial Services Innovation Lab at the Scheller College of Business at Georgia Tech and a survey is conducted of over 100 industry professionals.