Worldpay has announced it is to expand its commitment to accelerating payments technology innovation with a $1 million (€900 million) gift and mentorship commitment to Georgia Tech’s Advanced Technology Development Centre (ATDC).
Worldpay will fully fund a new Financial Technology accelerator at the 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 are also mentoring entrepreneurs at the centre, providing both payments expertise and Worldpay’s global resources to support companies within the new programme.
“As the leaders in modern money, 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 ground-breaking 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.”
As a state-wide start up 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 Mr. Fleming. “ATDC will use Worldpay’s gift and executive mentorship to ensure that Georgia stays at the cutting edge of FinTech.”
More than 70% of all US payments are processed in Georgia’s ‘Transaction Alley’, according to the American Transaction Processors Coalition. More than 60% of the industry’s companies are based in metro Atlanta, supporting more than 40,000 jobs in the state.
Today’s announcement comes on the heels of Worldpay’s announced relocation of its US headquarters to Midtown Atlanta this year. The company will invest more than $10 million (€9 million) to move more than 600 employees to the city and add an additional 600 workers over the next four years.