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Fintech Sector in Georgia Continues to Thrive Despite Challenges
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Georgia’s fintech industry has defied expectations, growing and thriving despite the pandemic and Great Resignation, according to a recent report by Technology Association of Georgia (TAG).
Growth and Employment
The report highlights the state’s fintech ecosystem, which now boasts over 200 companies employing more than 42,000 people. This significant boost to the economy is expected to create an additional 5,000 jobs by 2024.
Focus Areas
Fintech firms in Georgia focus on various financial services disciplines, including:
- Payments
- Gateways
- Online lending
- Risk management
- Associated businesses
Public Companies
The state is also home to 18 public companies with a significant presence, which saw a combined revenue of $74.3 billion in 2021 - a 15.7% increase from the previous year.
Market Capitalization and Mergers & Acquisitions
The top 10 public companies in Georgia’s fintech sector reported a combined market capitalization of $274 billion, marking a 21% increase over 2020. The report also highlights the growing trend of mergers and acquisitions in the industry, with 22 such deals taking place in Georgia last year.
Venture Capital and Equity Funding
Fintech companies in Georgia received venture capital and third-party equity funding of nearly $400 million in the first five months of this year. This significant influx of capital is expected to fuel further growth and innovation in the sector.
TAG Fintech Ecosystem Report 2022
The TAG Fintech Ecosystem Report 2022 provides valuable insights into the trends, companies, organizations, and academic institutions that contribute to Georgia’s fintech ecosystem. The report highlights the state’s position as a global leader in fintech, transactions, and innovation.
Industry Reaction
Industry leaders have praised the report, with TAG President and CEO Larry K. Williams stating:
“The report again shows that Georgia is a global epicenter for fintech, transactions, and innovation.”
Mike Morris, Chair of TAG’s Fintech Society, added:
“We’re proud to release the latest version of TAG’s Fintech Ecosystem report, which spotlights Georgia as a world leader in fintech and provides valuable insight into the state’s ever-growing fintech ecosystem.”
Recent Transactions
The report also includes details on recent merger and acquisition transactions, including:
- Global Payments’ agreement to acquire EVO Payments for $4 billion
- Intercontinental Exchange’s plans to acquire Black Knight for $13.1 billion
Upcoming Event
TAG is set to host a virtual event on August 30 to explore the state’s booming fintech landscape, featuring proprietary research and personal reflections from industry leaders. The event aims to provide insights into venture capital, new technologies like blockchain and crypto, partnerships, and cultivating talent in the sector.
Conclusion
With its mission to connect, promote, influence, and educate Georgia’s technology ecosystem, TAG continues to play a vital role in supporting and growing the state’s fintech industry.