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Global payments leader Visa has launched a $100-million venture fund to support generative artificial intelligence (GenAI) startups.

Visa aims to provide financial backing to companies focused on developing GenAI technologies.

“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 disruptive venture-backed startups building across generative AI, commerce, and payments,” said David Rolf, Head of Visa Ventures, Visa, in a statement. 

The fund will be led by Visa Ventures, the 16-year-old global corporate investment arm of Visa, which has been actively investing in and partnering with companies in payments and commerce sectors.

GenAI technology uses advanced computer models to create text, images, or any other content by using vast amounts 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 change commerce in ways we need to understand,” said Jack Forestell, Chief Product and Strategy Officer, Visa.