FinTech: Visa’s Venture Arm To Spearhead $100M Generative AI Initiative

Visa Ventures is the global corporate investment arm of Visa.

Visa (NYSE: V), a prominent player in the realm of payments, has unveiled an ambitious initiative with a commitment of $100 million to ventures in Generative AI.  It would involve significant investments in the upcoming wave of companies dedicated to advancing generative AI technologies and their applications. The overarching goal is to shape the future of commerce and payments through groundbreaking innovations.

Visa’s foray into the world of AI began back in 1993, making it a pioneer in this space. This new initiative is viewed as an extension of Visa’s ongoing leadership in leveraging AI to foster innovation in the payments sector. It’s not just about pushing the envelope; it’s about creating tangible value for Visa’s partners and clients, and ultimately, enhancing global commerce.

Generative AI, the focal point of this initiative, represents a burgeoning facet of artificial intelligence. It relies on Large Language Models (LLMs) as its foundation, empowering it to develop artificial general intelligence capable of generating various forms of content, including text and images, based on substantial datasets and prompts. Jack Forestell, Chief Product and Strategy Officer at Visa Inc., said the technology will have a profound impact on our daily lives but also on the very nature of commerce.

The driving force behind this initiative is Visa Ventures, the corporate investment arm of Visa that has been actively supporting and collaborating with companies driving innovation in payments and commerce since 2007. David Rolf, Head of Visa Ventures at Visa Inc., described generative AI as one of the most transformative technologies of our era.

Visa Ventures is now broadening its focus to invest in forward-thinking startups that are making strides in generative AI, commerce, and payments.

Related Story:  Visa Commercial Pay Virtual Cards Now Available To Lloyds Bank Customers

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