Visa Ventures into the  Future with a $100 Million Fund for Generative AI Startups

Visa, a global payments leader, has ventured into the realm of generative artificial intelligence (AI) by launching a $100 million venture fund. This initiative places Visa among the growing list of investors exploring the potential of generative AI, a sector that has garnered significant attention throughout the year.

Visa's $100 Million Generative AI Ventures Initiative:

Visa's latest move involves a substantial $100 million fund dedicated to supporting startups working on generative AI technologies and applications. This venture aims to back the next generation of companies that will influence the future landscape of commerce and payments.

AI Leadership Since 1993:

Having been a pioneer in utilizing AI in payments since 1993, Visa sees this initiative as an extension of its leadership in leveraging AI to drive innovation in payments. The focus is on creating value for partners and clients while enabling and empowering global commerce.

Generative AI, an emerging subset of AI, relies on Large Language Models (LLMs) to develop artificial general intelligence capable of generating content such as text and images from large datasets given specific prompts.

Jack Forestell's Insights:

Jack Forestell, Chief Product and Strategy Officer at Visa Inc., emphasized the transformative potential of generative AI. While the current focus has been on tasks and content creation, Forestell believes that this technology will not only reshape daily life and work but also significantly impact commerce in ways that need to be understood.

Visa Ventures Leading the Way:

The initiative will be spearheaded by Visa Ventures, the global corporate investment arm of Visa. With a history of investing in and partnering with companies driving innovation in payments and commerce since 2007, Visa Ventures is ready to channel its focus into the groundbreaking field of generative AI.

David Rolf's Perspective:

David Rolf, Head of Visa Ventures at Visa Inc., expressed excitement about expanding their focus to invest in innovative and disruptive startups operating at the intersection of generative AI, commerce, and payments. He highlighted the potential of generative AI as one of the most transformative technologies of our time.

About Visa:

Visa, listed on NYSE as V, is a leading force in digital payments, facilitating transactions across more than 200 countries and territories. The company's mission is to connect the world through an innovative, convenient, reliable, and secure payments network.

Some of the potential applications of generative AI in commerce and payments include:

• Generating personalized product recommendations

• Creating new marketing campaigns

• Developing new fraud detection and prevention tools

• Automating tasks such as customer service and account management

Visa is excited about the potential of generative AI to make payments more convenient, secure, and efficient. The company believes that this technology will play a major role in shaping the future of commerce.

Latest facts:

• Visa is one of several major investors who have flocked to the generative AI sector this year.

• Generative AI is still a relatively new technology, but it has the potential to have a major impact on a wide range of industries, including commerce and payments.

• Visa is investing in generative AI startups because it believes that this technology has the potential to revolutionize the way people shop and pay.