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Elavon
Elavon, a U.S. Bank-owned global payments processor, handles $550B in annual transactions under CEO Wally Mlynarski.
Elavon
Elavon traces its roots inside U.S. Bank, the fifth-largest commercial bank in the U.S., though its exact founding as a branded entity is not publicly separated from its parent. The firm is led by Wally Mlynarski, a Georgia Tech-trained computer engineer who previously ran merchant services at Bank of America and served as U.S. Bank's chief product officer. Elavon deploys capital across three broad revenue lines: payment processing (in-person, online, and mobile), payment gateways (Fusebox), and small-business lending (Quick Capital from Liberis). The portfolio spans over 36 countries, with confirmed operations in the U.S., Canada, and Europe. Asset-class mix includes transaction-based processing, software platforms, and credit — the Quick Capital product provides daily-adjusted repayment based on card sales. Named partners include Cybersource and Liberis. The firm reports processing 6.5 billion transactions annually valued at roughly $550 billion, serving over two million customers. Its 2024 brand refresh more explicitly tied Elavon to U.S. Bank's compliance and security infrastructure. Hemlata Narasimhan runs a 1,000-employee European unit from London. Recent awards include a 2023 TSG Real Transaction Metrics Award for Fusebox across three categories. Elavon's structural differentiator is its bank-parent model: it markets as a "trusted payments organization supported by the stability and security of one of the largest banks in the United States." This gives it a compliance and balance-sheet advantage over independent processors. Its governance is fully nested within U.S. Bank, with no separate family-office or external ownership structure.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Atlanta
Corporate office
Atlanta, GA, United States
Additional offices
London, United Kingdom
Principals
Wally Mlynarski
EVP, Head of Merchant Payment Services
Hemlata Narasimhan
President, Elavon Europe
Pari Sawant
Chief Product Officer
Jordan Owen
Head of Merchant Business Banking
Paul Sari
Head of Partner Revenue
Shawn Holmes
Head of North America Marketing
Danielle Balch
Head of Strategic Projects
John Kelly
Head of Elavon POS Sales Enablement and Onboarding
Kevin Troxell
Head of Acquiring Risk and Compliance
Manny Cofresi Jr., CFA
Global Head of Strategy and Corporate Development
Akash Dua
Chief Credit Officer, Elavon and Small Business Credit Cards
Rob Grant
Head of Merchant Payment Services Global Operations
Sebastian Paul
Head of Technology, North America
Richie Walsh
SVP, Engineering
Sector focus
Frequently asked questions
Who runs investment decisions at Elavon?
Investment decisions are made within U.S. Bank's broader corporate structure. Wally Mlynarski, as EVP and head of Merchant Payment Services, oversees Elavon's strategic direction and product investment. The firm does not have an external CIO or investment committee separate from U.S. Bank's leadership.
How does Elavon generate revenue beyond payment processing?
Elavon sells payment gateways (Fusebox), point-of-sale hardware, and small-business funding through its Quick Capital product from Liberis. The funding product offers merchants daily-adjusted repayment tied to card sales — a form of revenue-based finance.
Is Elavon structured as a family office or a corporate subsidiary?
Elavon is a wholly owned subsidiary of U.S. Bank, the fifth-largest U.S. commercial bank. It operates as a product suite, not a family office or independent asset manager. There is no separate family-office governance or external ownership.
Does Elavon participate in fund commitments or only direct deals?
Elavon does not make external fund commitments or independent direct investments. Its capital deployment is limited to internal product development, strategic partnerships (e.g., Liberis), and M&A executed through U.S. Bank's corporate development team.
What geographies does Elavon operate in?
Elavon serves customers in over 36 countries, with confirmed offices in the United States (Atlanta HQ) and the United Kingdom (London). Its European operations, led by Hemlata Narasimhan, cover seven countries and 1,000 employees.
Which sectors does Elavon explicitly avoid?
Elavon does not publish a list of avoided sectors. As a bank-backed payment processor, it likely avoids high-risk verticals typical for acquiring banks, such as unregulated gambling or adult content, but this is not explicitly stated.
How is Elavon related to U.S. Bank?
Elavon is the merchant payment services product line of U.S. Bank, which is itself the fifth-largest commercial bank in the U.S. by assets. The brand refresh in 2024 emphasized this relationship, positioning Elavon as a trusted, bank-backed alternative to standalone fintechs.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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