Visa Announces $100 Million Generative AI Initiative

AI | Oct 5, 2023

Visa’s $100 Million GenAI fund

Visa Ventures to Lead the $100 Million Fund

Visa, the global payments company, has made a strategic move into the field of generative AI. In an effort to support startups in this growing sector, Visa has launched a $100 million venture fund. The aim is to explore the potential of generative AI, which can revolutionize commerce. This move aligns Visa with other major companies, such as Microsoft and Google, who also recognize the opportunities in AI.

The initiative will be spearheaded by Visa Ventures, the global corporate investment arm of Visa, which has been investing in and partnering with innovative companies in payments and commerce since 2007.

Generative AI, an emerging subset of AI, is built on Large Language Models (LLMs) and is capable of generating text, images, or other content from extensive sets of existing data when provided with prompts. Jack Forestell, Chief Product and Strategy Officer at Visa Inc., emphasized that while generative AI has predominantly been utilized for tasks and content creation, its impending influence will not only reshape our daily lives and work but will also instigate meaningful changes in commerce that necessitate comprehensive understanding and exploration.

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David Rolf, Head of Visa Ventures:

With generative AI’s potential to be one of the most transformative technologies of our time, we are excited to expand our focus to invest in some of the most innovative and disruptive venture-backed startups building across generative AI, commerce, and payments.

The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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• Source: https://ncfacanada.org/visa-announces-100-million-generative-ai-initiative/