Three-year grant will establish financial technology entrepreneur program on campus
Georgia Tech’s Advanced Technology Development Center (ATDC) received a $1 million donation from Worldpay in order to fully fund a new financial technology accelerator at the ATDC for the next three years.
The accelerator will include the hiring of a financial technology expert to serve as an entrepreneur-in-residence to mentor start-ups. Worldpay executives are also mentoring entrepreneurs at the center, providing both payments expertise and Worldpay’s global resources to support companies within the new program. Worldpay is a global payments technology and services company, which allows merchants to accept payments anywhere in the world, across any channel.
“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.”
(Next page: How financial technology is key to Georgia Tech’s economic mission)
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,” added Fleming. “ATDC will use Worldpay’s gift and executive mentorship to ensure that Georgia stays at the cutting edge of FinTech.”
The announced partnership underscores Georgia Tech’s statewide economic development mission.
More than 70 percent of all U.S. payments are processed in Georgia’s “Transaction Alley,” according to the American Transaction Processors Coalition. More than 60 percent of the industry’s companies are based in metro Atlanta, supporting more than 40,000 jobs in the state.
“Worldpay is creating new payments experiences for software and applications that business owners use to run their businesses smarter across all channels,” said Worldpay US President and CEO Tony Catalfano. “To sustain our competitive advantage, we must continue to innovate and attract top talent, both key drivers behind this groundbreaking partnership.”
“The ATDC has empowered scores of entrepreneurs to grow their ideas into successful companies,” added Catalfano, who also serves as the board chairman of the American Transaction Processors Coalition. “Our commitment is about investing in the smartest, most-creative innovators so the next generation of financial technology will be built right here in Georgia.”
“We are always focused on bringing businesses to our state, but we also want to encourage the next generation of entrepreneurs to build their businesses right here in Georgia,” said Georgia Lieutenant Governor Casey Cagle. “This is a groundbreaking public-private partnership that will create jobs and help secure Georgia’s place as the country’s leader in financial technology for another generation. I congratulate Georgia Tech and Worldpay on this collaboration and look forward to seeing the results.”
Material from a press release was used in this report.