Visa: $100 Million Generative AI Ventures Initiative Launches

By Amit Chowdhry ● Oct 10, 2023

Visa recently announced a new $100 million generative AI ventures initiative for investing in the next generation of companies focused on developing generative AI technologies and applications that will impact the future of commerce and payments. As a pioneer of artificial intelligence use in payments since 1993, Visa considers this initiative an extension of Visa’s leadership in using AI to drive innovation in payments, create value for partners and clients, and enable and empower global commerce.

Generative AI is an emerging subset of AI built on Large Language Models (LLMs) in developing artificial general intelligence capable of generating text, images or other content from large sets of existing data when given prompts.

Visa Ventures, Visa’s global corporate investment arm, will lead this initiative. Visa Ventures has been investing in and partnering with companies driving innovation in payments and commerce since 2007.

KEY QUOTES:

“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.”

  • Jack Forestell, Chief Product and Strategy Officer, Visa Inc

“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.”

  • David Rolf, Head of Visa Ventures, Visa