Top Stories

Visa Commits $100 Million to Generative AI Startups

Oct 3, 2023

By: BlinkX Research Team

Global payment leader Visa is set to invest $100 million in generative AI ventures, focusing on companies at the forefront of AI technology for the future of commerce and payments. The investments will be channeled through Visa Ventures, the company's long-standing global corporate investment arm. Visa, a pioneer in AI applications since 1993, views this initiative as an extension of its commitment to driving innovation in payments.

Generative AI, an emerging subset, relies on Large Language Models (LLMs) to create artificial general intelligence capable of generating content from large data sets based on given prompts. Jack Forestell, Chief Product and Strategy Officer at Visa, anticipates that this technology will not only transform our daily lives and work dynamics but also revolutionize commerce in unprecedented ways.

Visa Ventures, active in fostering innovation since 2007, is broadening its focus to support startups in generative AI, commerce, and payments. David Rolf, Head of Visa Ventures, recognizes the transformative potential of generative AI, positioning it as one of the most pivotal technologies of our era. Visa's extensive network facilitates transactions across over 200 countries and territories, connecting consumers, merchants, financial institutions, and government entities.