Visa has announced the launch of a $100 million generative AI (GenAI) ventures initiative to invest in GenAI start-ups that focus on payments, fintech and commerce.
The initiative will be led by Visa Ventures, the global payment giant’s corporate investment arm, which has been investing in and partnering with relevant companies since 2007.
Claiming to have used the technology since 1993, Visa, through this initiative, hopes to extend its “leadership” in AI to drive innovation in payments and help create value for its partners and clients.
“While much of generative AI so far has been focused on tasks and content creation, this technology will soon not only reshape how we live and work, but it will also meaningfully change commerce in ways we need to understand,” comments Jack Forestell, chief product and strategy officer at Visa.
David Rolf, head of Visa Ventures, echoes the sentiment by describing generative AI as “one of the most transformative technologies of our time”.
Rolf adds that with the initiative, the payments giant hopes to invest in “some of the most innovative and disruptive venture-backed start-ups building across generative AI, commerce and payments”.