Worldpay, an international payment service company has committed $1M for the fintech entrepreneur program at Georgia Tech’s Advanced Technology Development Centre. The company will fund a new accelerator at ATDC for the next three years, which will include hiring a FinTech expert to serve as an entrepreneur-in-residence to mentor start-ups. Worldpay executives will also mentor entrepreneurs at the center.
“As a statewide startup incubator, ATDC is always looking at the technologies that are of interest to entrepreneurs in Georgia, said ATDC Director Stephen Fleming. “Financial technology is important for us and the state because it’s a sector where Georgia is a leader.”
Worldpay US president and CEO Tony Catalfano commented- “To sustain our competitive advantage, we must continue to innovate and attract top talent, both key drivers behind this groundbreaking partnership.”
Operating in over 30 countries, Worldpay allows merchants to accept payments anywhere in the world, across any channel. The company offers services across the entire payments value chain, including transaction capturing, merchant acquiring and transaction processing. In 2014, it processed a total of 10.7 billion transactions. Worldpay employs over 4,700 people in markets throughout the US, Europe and Asia, and is owned by private equity firms Advent International and Bain Capital alongside management and employees.
“This gift from Worldpay will enhance the innovation ecosystem that is rapidly developing in Tech Square,” said Georgia Tech President G.P. “Bud” Peterson. “We are fulfilling our mission to create new products which will foster new companies and job opportunities for all of Georgia.”
Ranked one of the world’s top technology incubators and named a Top 12 Incubator ‘changing the World’ by Forbes in 2013, the ATDC graduates have collectively raised more than $2 billion in capital. In 2013, Select companies merited $50+ million in capital. Moreover, more than 70% of all US payments are processed in Georgia’s ‘Transaction Alley,’ and more than 60% of the industry’s companies are based in metro Atlanta, supporting more than 40,000 jobs in the state.
(image credit: Ryan Schreiber)