Disruption between industries is frequent these days. New technologies encroach traditional businesses, and longstanding companies must pivot sharply to remain competitive.
These disruptive companies leverage emerging technology to streamline or improve existing business solutions or in some instances, create an entirely new paradigm. A disruptor has touched almost every industry in recent years. Some examples quickly come to mind:
- Uber, in transportation (owns no cars)
- Airbnb, in hospitality (owns no property)
- Coursera, in education (owns no campus)
- Facebook, in media (creates no content)
The banking industry is not immune. Fintech is on the rise and Atlantic Capital Bank is here.
Chris Stanley recently joined Atlantic Capital Bank as Vice President of Fintech Industry Banking. He has more than 17 years of experience in corporate business, technology banking and early stage technology companies. Chris is a thought leader in the industry and astutely understands the union of finance and technology.
He partners with early stage, emerging growth and growth-stage companies in this evolving segment to help execute their growth plans and achieve success. The following are three questions Chris has often fielded within his first few months at Atlantic Capital.
What is Fintech?
“Simply put, Fintech is short for financial technology, and companies within this sphere provide services and decision-making solutions to their customers in the financial services sector–primarily through the use of software,” Chris said.
Financial tech companies leverage technology to create new or better services. These services operate in a variety of sectors, including:
- Payment processing
- Credit Scoring
- Risk Management
- Compliance tools
- Prepaid / Loyalty
- Money transfer
- Security software
Is Atlanta really an incubator for Fintech companies?
It is becoming a well-known fact that more than 70 percent of all debit, credit and gift card payments go through Georgia-based companies and Atlanta has earned the nickname, “Transaction Alley.”
Georgia companies process 118 billion transactions representing $2 trillion of purchases annually. Six of the ten largest payment processing firms are headquartered in the state, and there is a growing number of small to midsize companies that support these six companies or provide other services.
Atlanta is also home to many other Fintech companies that focus on segments other than payment processing. To date, there are more than 100 Fintech companies in Atlanta. These businesses employ more than 40,000 employees locally.
The reach of these companies is not limited to the Empire City of the South. There are more than 140,000 people globally who are employed by Atlanta-based Fintech companies. These companies serve close to four million merchants worldwide.
The impact is visible, and Transaction Alley is a worthy moniker. Atlanta’s tech ecosystem is undergirded by significant community focus to promote, grow and establish Georgia as the Fintech capital. Organizations–such as the Fintech Task Force, the Metro Chamber of Commerce and the Technology Association of Georgia and Fintech South–have provided time and resources to build out Atlanta-based Fintech companies.
How is Atlantic Capital Bank serving this industry?
Chris and his team partner with early stage, emerging growth and growth-stage companies to help them navigate Fintech business complexities and grow. Atlantic Capital partners with businesses through:
- Growth Capital
- SaaS Lending
- Treasury Management
- Payments & Banking Services
- Foreign Exchange
- Private Client Banking
- Investor Relationships
- Industry Expertise
“I’m thrilled to be a part of the next chapter of Atlantic Capital’s growth story,” Chris said. “We’re excited to provide technology companies across the southeast with a new bank partner that understands not only the specifics of their business but also their market, their target customers and even their day-to-day challenges.”
At Atlantic Capital Bank, we are focused on helping emerging and midsize growth companies navigate a changing financial environment. We set ourselves apart with our highly experienced bankers and our ability to execute on our clients’ payments, credit and cash management needs. Contact us today to begin banking in the right direction.