Elavon, a global payments provider and subsidiary of U.S. Bancorp (NYSE: USB), announced a new and significant, three-year financial commitment at the Georgia Institute of Technology to further accelerate innovation across financial and payments technologies (FinTech).The Advanced Technology Development Center (ATDC) at Georgia Tech is Georgia’s technology incubator. It focuseson building and growing FinTech companies in the state of Georgia. Elavon’s financial sponsorship will allow for further growth and startup support for entrepreneurs in the program.
As part of the sponsorship, Elavon executives will mentor program participants on topics such as software and applications integration as well as consultation on effective go-to-market strategies. As the FinTech space continues to evolve, partnerships with incumbents have become more important for an early-stage company’s customer acquisition and business model development.
“Our investment in this program and local FinTech companies brings us closer to the growing technology community in Atlanta and across the entire payments ecosystem, and is part of Elavon’s continued focus on integrated payments and eCommerce,” said Wally Mlynarski, Elavon’s chief product officer. “With this partnership, we are able to directly impact and shape the future of payments as technology and business models continue to rapidly evolve.”
In addition to receiving the benefits of being an ATDC program participant, startups in the incubator’s FinTech Program are integrated into Georgia’s FinTech ecosystem. This statewide ecosystem consists of strong public-private partnerships dedicated to the continued success of Georgia FinTech companies. ATDC FinTech provides access to industry, investors, and Georgia Tech’s resources to help these startups flourish as well as coordinating support from the Technology Association of Georgia, FinTech Atlanta, and the Metro Atlanta Chamber.
“We’re extremely excited to welcome Elavon as our partner in further developing Georgia’s early-stage FinTech startup community,” said Jeff Gapusan, who is ATDC’s FinTech executive-in-residence and secured the sponsorship. “Elavon is a world-class financial technology company. Its resources, mentorship, and insight will enable startup founders to also succeed in this highly complex space.”
The ATDC FinTech program currently hosts 35 early-stage FinTech startups. Since the program’s inception in 2015, ATDC FinTech startups and recent graduates have raised more than $65 million in angel and institutional venture capital.