Investment will create valuable partnerships to spur greater innovation in payments
ATLANTA (Dec. 6, 2018) — 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 focuses on 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.
About Elavon (www.elavon.com)
Elavon is wholly owned by U.S. Bank, the fifth-largest bank in the United States, and provides end-to-end payment processing solutions and services to more than 1.3 million customers in the United States, Europe, Canada, Mexico, and Puerto Rico. As the leading provider for airlines and a top five provider in hospitality, healthcare, retail, and public sector/education, Elavon’s innovative payment solutions are designed to solve pain points for businesses from small to enterprise-sized.
About Georgia Tech
The Georgia Institute of Technology is one of the world’s premier research universities. Georgia Tech is a national and international leader in scientific and technological research and education and is the nation’s leading producer of engineers as well as a leading producer of female and minority engineering Ph.D. graduates. Ranked among the top public universities by U.S. News & World Report, the Institute enrolls more than 25,000 undergraduate and graduate students in fields ranging from engineering, computing, and sciences, to business, design, and liberal arts. For additional information, visit gatech.edu.
About the Advanced Technology Development Center (ATDC)
The Advanced Technology Development Center (ATDC), a program of the Georgia Institute of Technology, is the state of Georgia’s technology startup incubator. Founded in 1980 by the Georgia General Assembly which funds it each year, ATDC’s mission is to work with entrepreneurs in Georgia to help them learn, launch, scale, and succeed in the creation of viable, disruptive technology companies. Since its founding, ATDC has grown to become one of the longest running and most successful university-affiliated incubators in the United States, with its graduate startup companies raising $3 billion in investment financing and generating more than $12 billion in revenue in the state of Georgia. To learn more, visit atdc.org.
Notes to editors
Elavon is a leading global payments company with more than 4,300 employees and operations in 10 countries. A subsidiary of U.S. Bancorp (NYSE:USB), Elavon provides businesses with the technology needed to accept payments from customers, whether they are shopping in stores, at home or on the go. Its platform is distinctive in that it is common across countries, making it easier for businesses to get their payment system up and running quickly and securely.
Elavon Financial Services DAC, trading as Elavon Merchant Services, is regulated by the Central Bank of Ireland and the Prudential Regulation Authority and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorization and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request.
About U.S. Bank
U.S. Bancorp, with 74,000 employees and $488 billion in assets as of September 30, 2019, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The Minneapolis-based bank blends its relationship teams, branches and ATM network with mobile and online tools that allow customers to bank how, when and where they prefer. U.S. Bank is committed to serving its millions of retail, business, wealth management, payment, commercial and corporate, and investment services customers across the country and around the world as a trusted financial partner, a commitment recognized by the Ethisphere Institute naming the bank a 2019 World’s Most Ethical Company. Visit U.S. Bank online or follow on social media to stay up to date with company news.
Teri Charest, Public Affairs and Corporate Communications