Fintech: Visa Enters an Investment and Strategic Partnership with GoodData

May 22, 2020 | FinTech, News

The two companies will partner on the development of data products for enhanced customer insights.

Global analytics firm GoodData announced it had received an investment from Visa Ventures, the corporate venture investment division of payments giant Visa (NYSE: V). GoodData also said the two companies entered a collaboration to offer Visa’s customers and partners better access to data and analysis. (Finextra)

Visa’s investment in GoodData

“Visa’s investment will allow us to increase our focus on interactive self-service analytics, user interfaces, and data visualizations, as well as expand our customer support for managing complex data governance, compliance, cybersecurity, and privacy matters,” said GoodData Founder and CEO Roman Stanek.

Visa Ventures is the vehicle through which Visa makes strategic investments in companies and startups. The payments giant hopes to get an early advantage from innovative technologies and the high growth of these emerging partners.

Visa will have a minority stake in GoodData, according to Barron’s. No details were announced of the extent of Visa’s investment in Gooddata, however.

Visa acquired several fintechs in 2019 and paid $5.3 billion for Plaid in January.

GoodData’s platform

GoodData has an all in one data platform that enables companies to gain insights for improving their offerings and to develop entirely new business models. More than half of the Fortune 500 companies are its clients.

“With insights from data, we can help sellers, financial institutions, and Visa’s extended global business network better understand and meet consumer needs, especially when those needs are changing fast,” said Melissa McSherry, SVP and global head of Data, Security, and Identity products at Visa in a statement.

According to Barron’s, which quoted Stanek, GoodData has so far raised $120 million, inclusive of Visa’s investment. Other investors include Andreessen Horowitz, General Catalyst Partners, and Intel Capital. None of these investors are looking to exit, said Stanek.

The investment deal In GoodData concluded despite the frozen state of the M&A market due to the COVID-19 crisis. The fact shows the commitment of Visa to strategic data.

“Visa is a very large company. For that company to divert attention in this environment, it’s a validation,” Stanek said to Barron’s.

Related Story:   Visa Snaps Up Fintech Network Plaid for $5.3 Billion                                                

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