In this episode of the Female VC Lab podcast, host Barbara Bickham sits down with Najada Kumbuli, Vice President and Head of Investments at the Visa Foundation. Najada shares her inspiring journey from her roots in Albania—where she witnessed firsthand the limitations of a suppressed economy—to her current role in shaping impactful investment strategies at one of the world’s leading foundations.

Listen in as Najada discusses what inspired her to pursue a career in impact investing, how her international experiences have influenced her perspective, and why she believes in a conscious model of capitalism—one that merges financial returns with measurable social good. She breaks down Visa Foundation’s investment thesis, which centers on supporting small businesses and entrepreneurs globally by giving them access to capital, digital tools, and financial skills.

The conversation also explores emerging trends in venture capital, from the rise of AI and deep tech to the growing importance of responsible and inclusive investing. Najada offers valuable insights for fund managers, founders, and anyone interested in the future of impact and VC investing. Plus, she shares resources for connecting with the Visa Foundation and accessing support for both nonprofit and for-profit organizations.

Tune in for a thoughtful, motivating discussion on how capital can be leveraged to drive innovation and social impact around the world.

From Albania to Impact Investing: Najada Kumbuli’s Unique Perspective

Najada Kumbuli’s journey into venture capital is anything but traditional. Born and raised in communist Albania, she witnessed firsthand a society where entrepreneurship was stifled, resources were scarce, and individual initiative was suppressed. Yet, from that experience emerged a profound understanding of the power of community and the importance of social responsibility—values that continue to shape her approach to investing today.

Transitioning to Singapore and later the United States for her education, Najada encountered capitalism at its most dynamic. Creativity and risk-taking were rewarded, but she also saw the pitfalls: inequality, short-term thinking, and sometimes a disregard for the broader societal good. These contrasting perspectives on economic systems inspired her to champion a more balanced, inclusive approach to capitalism—one that merges financial returns with measurable, lasting social impact.

At a time when “impact investing” was still a new concept, Najada recognized the need for capital to do more than generate profits. As the Vice President and head of investments at Visa Foundation, she now channels this vision into reality, advocating for a form of capitalism that not only fuels innovation and entrepreneurship but does so with a strong sense of social awareness.

Visa Foundation’s Thesis: Supporting the Backbone of the Global Economy

At the heart of the Visa Foundation’s work is a simple yet powerful thesis: support small businesses and entrepreneurs by providing access to capital, digital tools, and financial skills needed to thrive. Unlike other approaches that narrow investment focus, Visa Foundation takes a holistic, global stance—reaching from nano and micro-entrepreneurs in rural Nigeria to high-growth tech startups in India.

Small businesses form the bedrock of global economies, representing 90% of all companies worldwide and accounting for nearly 70% of jobs and GDP. Recognizing their crucial role, the Visa Foundation’s strategy includes tailored grants and investments, as well as facilitating critical skill development. The goal? Equip businesses at every stage, no matter their geographical location, ensuring that the tools and capital needed for growth are accessible to all.

Visa Foundation’s approach is both inclusive and adaptive, constantly evolving alongside the rapidly changing market landscape to ensure entrepreneurs receive the right support at the right time.

Listening, Learning, and Leveraging Diverse Perspectives

Najada’s philosophy as an investor and leader goes well beyond numbers. With two young sons at home, she jokes about listening to plenty of children’s books, but in her professional life, her primary sources of insight are her diverse team, partner fund managers, nonprofit leaders, and the entrepreneurs themselves.

She values listening deeply to their vision, adaptability, and the unique problems they face. Successful founders are both driven and agile, capable of navigating changing markets with resilience. This dynamic approach also extends to monitoring market signals, engaging with advisors, and making data-driven decisions to ensure strong investment performance amidst market volatility.

To broaden her perspective, Najada immerses herself in business podcasts like “Acquired,” which offer in-depth analyses of how major companies evolve and adapt—insights she finds invaluable for guiding Visa Foundation’s global investment strategy.

The Future of Venture Capital: Responsible Investing and Global Opportunity

Looking ahead, Najada is optimistic about the next evolution of venture capital. She anticipates:

• Increased Focus on AI and Deep Tech: Investment will concentrate further on frontier technologies, changing not just the startups that attract funding but also the expertise VC firms need.

• More Disciplined Investment Practices: Following boom-and-bust cycles, she expects a return to fundamentals like sustainable growth, unit economics, and clear paths to profitability—a standard already upheld by Visa Foundation through its partnership with women-led funds such as Aruwa Capital and TMV.

• Growth in Emerging Markets: There’s a wave of innovation sweeping across Africa, Latin America, and beyond. Visa Foundation’s support for funds like TLcom and Seedstars exemplifies a commitment to finding and backing talent worldwide.

• Greater Emphasis on Impact Investing: More LPs (limited partners) and founders alike recognize that responsible investing can drive both societal good and attractive financial returns. The rising generation of entrepreneurs is increasingly dedicated to inclusivity and community prosperity.

Resources and Connection

To learn more about Visa Foundation’s initiatives, readers can find impact and annual reports detailing grant and investment strategies on the foundation’s website. The team encourages fund managers, nonprofit organizations, and founders to reach out via the website’s contact form for tailored guidance and support.

Najada Kumbuli’s leadership and Visa Foundation’s work spotlight the powerful potential of a conscious, inclusive approach to investing—one that uplifts small businesses as engines of positive change in every corner of the globe.