Evervault Raises €21M for Payment Encryption Tech
Evervault, a startup focused on payment encryption, has secured €21 million to expand its infrastructure. The company, which already processes over €4.2 billion per month, helps platforms protect sensitive transaction data and reduce PCI compliance burdens. This type of security infrastructure is becoming critical as more financial services move onto regulated, institutional-facing rails.
The latest funding round was a $25 million Series B led by Ribbit Capital, with participation from existing investors Sequoia Capital, Index Ventures, and Kleiner Perkins. This injection brings Evervault's total capital raised to $46 million, following a $16 million Series A and a $3.2 million seed round. Evervault was founded in 2019 by Shane Curran, who previously won the 2017 BT Young Scientist and Technology Exhibition at age sixteen. His winning project, "qCrypt," focused on quantum-secure data storage, laying the conceptual groundwork for what would become Evervault's mission to simplify encryption for developers. The company's core technology revolves around "privacy cages," which allow sensitive data to be processed without ever being exposed in plaintext to the companies handling it. This approach is designed to embed privacy into the application architecture, rather than treating it as a matter of policy or compliance afterthought. For its clients, Evervault's platform can dramatically reduce the burden of Payment Card Industry Data Security Standard (PCI DSS) compliance. The company claims customers can cut compliance costs by an average of $100,000 and achieve compliance 95% faster than traditional methods. Headquartered in Dublin and New York, the firm has seen significant traction, reporting a fourfold year-over-year revenue growth. Evervault's infrastructure has already integrated with over 7,000 banks and financial institutions, processing more than 100 million encrypted tokens monthly.
