Ohio’s FinTech reputation gets a boost with new global HQ
Ohio’s reputation as a fintech hub is growing stronger thanks to a new global headquarters investment.
Worldpay, one of the largest payment processors in the world, will reestablish its global headquarters in Cincinnati, bringing more than 500 new jobs and $56 million in associated payroll.
Worldpay’s predecessor organization, Vantiv, was based in suburban Cincinnati before the companies merged in 2018. Worldpay is now being separated from FIS, a global leader in financial services technology, and sold to a private equity firm in a $18.5 billion deal expected to close this year.
Why it matters to Ohio
In addition to creating more than 500 new jobs in Ohio, Worldpay has committed to retaining over 900 existing jobs in the state.
The investment comes as JobsOhio makes a concerted effort to position the state for success in FinTech, which amounts to a significant economic engine and major source of employment.
With 255,000 workers, Ohio has the 7th largest financial services workforce in the U.S., according to Lightcast and the Bureau of Labor Statistics.
“Fintech has drawn about 25% of global venture capital,” Pete Blackshaw, CEO of Cincinnati-based startup catalyst Cintrifuse, told JobsOhio. “So it’s an area you can’t afford to ignore. At the same time, I think there are some aspects of fintech that a place like Cincinnati, or Ohio in general, can own. For example, inclusive fintech is an area where we have quite a few entrepreneurs that are looking at novel solutions to serve underserved populations, like the unbanked.”
Worldpay in 2022 processed $2 trillion in payment volume in 146 countries and across 135 currencies, supporting more than 1 million merchants globally.
What they’re saying
State leaders touted FinTech’s impact in Ohio.
“Worldpay’s decision to establish its headquarters in Cincinnati after aggressive competition from other U.S. regions demonstrates continued economic momentum we see throughout Ohio. Ohio is leading the way in developing talent and supporting infrastructure to foster financial technology innovation that brings economic diversification, which is attractive for the workforce and provides resilience to support future growth.”
- J.P. Nauseef, JobsOhio president and CEO
"Ohio welcomes Worldpay back to our thriving ecosystem of financial technology businesses. Being one of the largest state economies in the country, we recognize the pivotal role that financial technology plays in shaping the future of commerce and finance.”
- Ohio Governor Mike DeWine
"Worldpay selecting Ohio for its headquarters showcases our position as a supportive environment for fintech innovation. Coupled with the Cincinnati Innovation District, this announcement allows Worldpay to tap into a rich talent pool of highly skilled professionals in finance, technology, and data analytics."
- Ohio Lt. Governor Jon Husted
The Cincinnati region in particular is a hub of fintech activity.
"Selecting the Cincinnati region as Worldpay's headquarters is an incredible honor, adding to our already robust financial technology and services ecosystem. Our region has the second-largest concentration of top financial institutions outside New York City, and we're proud that Worldpay is calling Symmes Township home. Thank you to the State of Ohio and JobsOhio for their partnership in showcasing the region for new businesses to locate and existing ones to expand."
- Kimm Lauterbach, president and CEO, REDI Cincinnati
"Worldpay's choice to establish its headquarters in Cincinnati reflects the confidence in the region's economic vitality and growth. The announcement signifies a partnership beyond business – a commitment to fostering a thriving and prosperous community for years to come."
- Ohio Department of Development Director Lydia Mihalik
"The Worldpay family is excited to make Cincinnati our home once again. Access to talent, quality of life, great educational institutions and the new direct flight from CVG Airport to London significantly contributed to the decision to make our corporate headquarters in Greater Cincinnati, connecting us to our customers worldwide.”
- Charles Drucker, Incoming CEO of Worldpay
