Despite the global pandemic, Georgia’s Fintech ecosystem continues to thrive, says a new report.
The Technology Association of Georgia (TAG) recently released the 2022 Fintech Ecosystem Report, shedding light on 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, chair of TAG’s Fintech Society.
More than 200 Fintech firms, employing over 42,000 people, call Georgia home.
These companies drive technology supporting financial services disciplines, including payments, gateways, online lending, risk management and associated businesses.
Fintech holds 18 public companies that are formally headquartered or hold a significant presence in Georgia.
The combined revenue of the top 10 public companies was $74.3 billion in 2021, 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.
“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.
2022 merger and 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
Fintech Ecosystems anticipates 5,000 new positions will be added by 2024.
An online event will be held to further dive into the details of the Technology Association of Georgia’s (TAG) Fintech Ecosystem Report on Aug. 30. For event information, click here.
TAG serves more than 31,000 members statewide through regional chapters in Metro Atlanta, Augusta, Columbus, Macon/Middle Georgia, and Savannah, helping to support, grow and ignite tech leaders, companies and the overall Georgia economy. For additional information, visit tagonline.org.
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