Insider Brief
- Visa announces a $100 million initiative to invest in generative AI technologies and applications influencing the future of commerce and payments.
- Generative AI, an emerging AI subset based on Large Language Models, will soon significantly change commerce, according to Jack Forestell, Chief Product and Strategy Officer at Visa.
- The initiative will be spearheaded by Visa Ventures, which has been championing innovation in payments and commerce since 2007.
PRESS RELEASE — SAN FRANCISCO/October 2, 2023 — (BUSINESS WIRE) — Visa (NYSE: V), a global leader in payments, today announced a new $100 million generative AI ventures initiative to invest 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 AI 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 that is built on Large Language Models (LLMs) to develop artificial general intelligence capable of generating text, images or other content from large sets of existing data when given prompts. “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,” said Jack Forestell, Chief Product and Strategy Officer, Visa Inc.
This initiative will be led by Visa Ventures, the global corporate investment arm of Visa. Visa Ventures has been investing in and partnering with companies driving innovation in payments and commerce since 2007. “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,” said David Rolf, Head of Visa Ventures, Visa Inc.
To learn more about the $100 million generative AI ventures initiative and Visa Ventures, please visit Visa.com/ventures.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
Contacts
Constantine Panagiotatos, +1 650–432–2990, Press@visa.com
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