Evervault Raises €21M for Payments
Dublin-based Evervault raised €21 million (about $25 million) to expand its payment encryption infrastructure that already processes over €4.2 billion in transactions monthly. The Series B funding will fuel product development as the startup helps customers significantly reduce PCI compliance costs.
The latest funding round brings Evervault's total capital raised to $46 million. This Series B was led by Ribbit Capital, with significant participation from existing investors including Sequoia Capital, Index Ventures, and Kleiner Perkins. Founded in 2019 by Shane Curran, the company has its roots in a project that won the BT Young Scientist & Technology Exhibition in 2017. Curran's project, called qCrypt, focused on quantum-secure, encrypted data storage. Prior to this Series B, Evervault secured a $3.2 million seed round in 2019 and a $16 million Series A in 2020. The company provides developer tools that allow sensitive data to be encrypted the moment it enters a system, so it is never exposed in plaintext. Evervault plans to use the new capital to expand its encryption infrastructure, accelerate product development, and grow its engineering and product teams. The company's stated mission is to build a "trust layer for the internet," with an initial focus on the complex world of card payments. The company reports more than four times year-over-year revenue growth and has processed over $5 billion in transaction volume. Its client roster includes companies like CarTrawler, Ramp, Rippling, and Uniswap.
