Capital One Financial Corp. is adding hundreds of jobs to Atlanta, making it the latest financial technology corporation to make a big bet on the city’s talent pool.
The bank holding and credit card company (NYSE: COF) says it's hiring for hundreds of engineering positions focused on cloud, data, machine learning and cybersecurity.
It's unclear how quickly it intends to add those jobs. On its career page, it lists about 10 open roles based in Atlanta, and most of those are focused in product management. The Fortune 100 company has more than 600 technology roles open, mostly based in its 600,000-square-foot headquarters in McLean, Virginia and at its other major operation centers in Richmond, Virginia and Plano, Texas.
The Atlanta office will be located at Ponce City Market, the 12-story redevelopment of a former Sears & Roebuck warehouse along the BeltLine Eastside Trail. That area has emerged as a hotspot for tech companies that want to be close to Georgia Tech’s Technology Square innovation district and the amenities and walkability the trail brings.
Capital One did not offer the exact number of Atlanta jobs or other specifics on the expansion.
Marketing tech giant Mailchimp has its office at Ponce City Market and plans to move across the street to the under-construction New City development after its sale to Intuit. Gambling and daily fantasy entertainment company FanDuel expanded to Ponce last year. Ponce’s coworking space, Industrious, is a landing strip for startups and tech companies expanding in Atlanta.
Capital One’s expansion adds another major player to the city’s robust financial technology ecosystem. Visa Inc. announced a 1,000-person office in Midtown late last year, citing Atlanta’s reputation as a fintech hub and its diverse talent pool as major drivers for the local expansion. Fellow industry giants NCR Corp. (NYSE: NCR) and Equifax Inc. (NYSE: EFX) already have major offices in the neighborhood.
The startup ecosystem also includes successful fintech ventures, which could become acquisition or partnership opportunities for Capital One. GreenSky Inc. sold to Goldman Sachs for $2.2 billion. Kabbage sold to American Express. Greenlight Financial Technology Inc. is worth more than $2.3 billion.
With a new Atlanta office, Capital One could tap into the city’s fintech talent, coming from the university system and employees of other companies. Georgia Tech hosts professional development for fintech employees and has a Financial Services Innovation Lab in Tech Square. The Georgia Fintech Academy also trains fintech professionals and partners with potential employers.
The diversity of the local talent pool is also a major asset for the city and consistently lauded by corporations expanding here. Walmart announced it will open a tech hub in the city which will have at least 140 jobs. The retail behemoth chose Atlanta because of its growing tech presence and diverse talent base. Cisco Systems Inc., Visa, Microsoft and Airbnb all gave similar reasons for their recent expansions.
Capital One brought in $8.1 billion in revenue in 2021, according to its fourth quarter earnings.
Capital One emphasizes innovation and technology in their banking products and services, according to its website. The cloud company uses emerging technologies, such as artificial intelligence and machine learning, to make banking more efficient and prevent online fraud.
Three-year percent change in Atlanta net revenue
| Rank | Prior Rank | Firm name |
|---|---|---|
1 | 1 | CliftonLarsonAllen LLP |
2 | 2 | Nichols, Cauley & Associates LLC |
3 | 3 | RSM US LLP |
