Visa, the 11th largest market cap company in the world, is often misunderstood, as it is not a bank, but rather a network connecting banks to each other. Visa's origins began with Bank of America's (B of A) BankAmericard, which bundled both convenience and credit. B of A's initial rollout of the BankAmericard in Fresno was chaotic, but the card became popular. B of A began franchising BankAmericard, which led to frustration among the franchisees, eventually leading to the creation of National BankAmericard Inc (NBI) by Dee Hock, a franchisee program manager, who understood the value of a vast, interoperable network. NBI became a for-profit, non-stock membership corporation with irrevocable governance rights for each member bank, and was later rebranded as Visa. Visa invested heavily in technology to build its payment network and become the global payments network it is today, with a "tollbooth" business model, capturing a small percentage of each transaction, and now processes $14 trillion in volume annually, with over 4.1 billion cards in circulation.