Georgia Institute of Technology’s Advanced Technology Development Center (ATDC) announced a new three-year financial commitment by Visa, the world leader in digital payments, to further accelerate innovation across financial and payments technologies (FinTech).
ATDC, the state of Georgia’s technology incubator, works with entrepreneurs to build and scale successful technology companies. Its FinTech programme, launched in 2015, has focused on building and growing FinTech companies in Georgia. Since its launch, the program has evaluated more than 250 startups, has 25 companies in its current portfolio, and produced one unicorn, Greenlight, a 2018 ATDC graduate now valued at more than $2 billion.
Visa’s financial sponsorship and leadership in the FinTech category will allow for continued growth and startup support for entrepreneurs in the program. As part of the sponsorship, Visa executives will mentor program participants and create connections to maximize opportunities to bring their FinTech innovations to Visa and its partner network.
“Georgia is our nation’s FinTech command center and we at ATDC are proud to partner with Visa to continue to drive innovation forward in this sector,” said John Avery, ATDC director. “We are dedicated to our FinTech ecosystem’s continued growth and success, and ATDC serving as the nexus to entrepreneurs, industry, investors, and Georgia Tech’s resources to help these startups thrive.”
Startups accepted into the incubator’s program will be integrated into Georgia’s robust FinTech ecosystem, where more than 200 FinTech companies generating $72 billion in annual revenue call home. Over 70 percent of all US financial transactions are handled by payment processing firms headquartered in Georgia.
ATDC has hired Robert E. Daniel as the FinTech catalyst who will oversee the vertical, manage the pipeline, and evaluate these startups and their innovations for acceptance into the portfolio.
“We view Atlanta as a thriving FinTech community and an epicenter of financial technology expertise where Visa can become an integral part to its continued growth. A partnership with ATDC provides Visa the opportunity to get involved with supporting local startups as the future of payments continues to look bright, thanks to this world of innovative entrepreneurs,” said Patrick Williams, Visa’s head of digital partnerships in North America.