Visa creates $100M Generative AI Venture Fund (12/2023)
Financial behemoth Visa announced a $100 million investment initiative to fund companies developing generative AI technologies for commerce and payments. This move signals Visas confidence in generative AIs potential to transform financial services.
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The investments will come from Visa Ventures, Visas corporate venture capital arm. Visa plans to target early-stage startups building generative AI to enhance business processes, infrastructure, and customer experiences in banking and payments.
Visa has a history as an early AI and payments innovator, using AI for fraud prevention since 1993. Generative AI could hence take Viss AI applications to the next level across its products and networks. Visas chief product officer called generative AI "one of the most transformative technologies of our time" that will "reshape how we live and work."
The funding comes amid growing interest but also concerns around generative AI in finance.
Major banks are actively though cautiously exploring various AI applications. Having said that, Visas new artificial intelligence fund in a sense legitimizes generative AIs promise in banking and commerce. As discussed earlier, potential use cases here span personalization, process automation, fraud prevention, and much more (see above & below). Looking at the big picture, Visas Gen AI fund first and foremost demonstrates the technologys momentum in FinTech. By investing in cutting-edge AI startups, Visa basically gives itself a front-row seat that could later (via partnerships or M&As) grant the payments giant access to enhanced security, speed, and convenience across its massive payments infrastructure, not to mention opportunities to develop new revenue streams and thus maintain Visas competitive edge. Zooming out, we must remember again that as AI becomes more sophisticated, financial institutions will continue finding ways to apply it. The ones who will find these ways faster will ultimately win against those who choose to ignore them. And Visa yet again shows it wants to lead the pack in this frontier as well.
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