Visa has invested and partnered with global analytics company GoodData to develop data products to help achieve better customer insights.
The investment from Visa is expected to boosts GoodData’s position as an innovative all-in-one data platform.
GoodData’s platform allows companies to add new insight services to existing products, develop new business models, and form efficient partnerships with their business networks.
Last month, the company developed and launched a Covid-19 Commerce Insight project.
This project analysed a billion engagements and 400 million transactions to show the impact of Covid-19 on consumer spending behaviour.
More recently, GoodData launched freemium and growth-pricing tiers enabling companies to start and grow data-oriented businesses.
GoodData founder and CEO Roman Stanek said: “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 invested in GoodData through its corporate venture investment arm Visa Ventures.
Visa said that investment is part of its strategy to deliver access to aggregated data and analytics that can help its clients and partners understand the impact and effectiveness of the critical decisions they make.
Visa data, security, and identity products SVP and global head Melissa McSherry said: “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.”