The partnership between Visa and GoodData could result in the development of data products for improved customer insights
Payments giant Visa has announced an investment of an undisclosed amount in San Francisco, California-headquartered analytics firm, GoodData.
Both the company have also entered into a strategic partnership for the development of data products for improved customer insights.
The investment by in GoodData was made by Visa’s venture investment arm Visa Ventures.
By investing in GoodData, Visa aims to strengthen its commitment to provide access to aggregated data and analytics to support its clients and partners.
With the help of the aggregated data and analytics, its clients and partners can understand the impact and effectiveness of the critical decisions that they take.
GoodData founder and CEO Roman Stanek said: “We’re extremely pleased to have Visa as an investor and partner in our mission to help companies of any size to become data companies.
“Visa’s investment will allow us to increase our focus on interactive self-service analytics, user interfaces and data visualizations, as well as expand our customer support for managing complex data governance, compliance, cybersecurity, and privacy matters.”
Visa investment to enable GoodData to strengthen its position
For GoodData, the investment brings the opportunity to strengthen its position as an innovative all-in-one data platform that enables business organisations to add new insight services to existing offerings, develop entirely new business models and to better partner with their business networks.
Last month, GoodData supported the development and launch of the COVID-19 Commerce Insight project to analyze a billion engagements and 400 million transactions to assess the impact of Covid-19 on global and regional consumer spending.
The firm had also launched freemium and growth-pricing tiers to allow more companies to start and grow data-led businesses.
Visa senior vice president and data, security, and identity products global head Melissa McSherry said: “As the world faces pandemic and economic challenges, there’s no better time to invest in areas that will improve the lives of consumers and businesses.
“With insights from data, we can help sellers, financial institutions and Visa’s extended global business network better understand and meet consumer needs, especially when those needs are changing fast. Our partnership with GoodData will allow us to do that.”
In January this year, Visa agreed to acquire California-based fintech startup Plaid for $3.5bn.
Plaid offers a network that makes it easy for users to connect with their financial accounts securely to the apps they use for managing their finances.