Payment processor Worldpay is putting up $1 million to fund a new financial technology accelerator at Georgia Tech's Advanced Technology Development Center (ATDC).
The firm says that it will fully fund the accelerator for the next three years, hiring a fintech "expert" to serve as an entrepreneur-in-residence to mentor start-ups working on innovative payments technology. The firm's own execs will also provide mentorship.
The ATDC - a state-wide startup incubator run by Georgia Tech - is setting up a fintech centre in a hotbed for the industry. 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.
Stephen Fleming, director, ATDC, says: "Financial technology is important for us and the state because it’s a sector where Georgia is a leader. ATDC will use Worldpay’s gift and executive mentorship to ensure that Georgia stays at the cutting edge of fintech."
Georgia is also home to Worldpay's US operations, and the firm is planning to move its American headquarters to Midtown Atlanta this year and boost its workforce by 600 over the next four years.
Says 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."