A recent overhaul of Georgia’s banking licensing rules is paying dividends. Executives with Credorax, an e-commerce firm based in Israel, credited the changes for locating a new hub in Atlanta.
Credorax told Gov. Nathan Deal on Tuesday during a stop on his Israeli trade mission that it would eventually create more than 100 jobs at a banking center in Atlanta.
Legislation that cleared the way for more online payments processors to get banking licenses in Georgia helped seal the deal, said Igal Rotem, the chairman of the firm’s board.
Credorax has offices in Japan and Europe and was planning to build a hub in Boston, but executives worried they couldn’t get a license in Massachusetts. The company’s president recently submitted his application with Georgia banking regulators, and executives are confident it will be approved.
The company plans to keep an office in Boston, though.
Credorax houses the brunt of its leadership in Israel and has offices in London, Malta and Japan.
The company specializes in using proprietary software to streamline payments processing for online customers. Rotem said the firm hopes to be approved by regulators by early 2015, and that it would hire 50 people in Atlanta by the end of the year and more than 100 people by 2018.