Visa has opened a $100 million warchest to invest in companies harnessing generative AI technologies and applications for commerce and payments.
The initiative will be led by Visa Ventures, the global corporate investment arm of Visa.
David Rolf, head of Visa Ventures comments: “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.”
Jack Forestell, chief product and strategy officer, Visa, says the initiative is as much about understanding the transformative potential of generative AI as it is about earnings yield.
“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," he explains.