Evervault Raises $25M for Payment Encryption
Data security startup Evervault has closed a $25 million Series B round backed by Ribbit Capital and Sequoia. The company, with offices in New York and Dublin, is focused on building developer tools for end-to-end encryption of sensitive payment data.
This latest funding round brings Evervault's total capital raised to $46 million. The Series B included continued support from major players like Index Ventures and Kleiner Perkins, alongside the lead investor Ribbit Capital. The company was founded in 2019 by Shane Curran, who, as a teenager in 2017, won Ireland's prestigious BT Young Scientist and Technology Exhibition for a project on quantum-secure data storage. He was subsequently named to the Forbes 30 Under 30 list before starting Evervault. Evervault's core mission is to eliminate sensitive data in plaintext, which founder Shane Curran likens to "hazardous material". Their developer-focused tools are designed to embed encryption directly into a company's application architecture, making security the default rather than an afterthought. The company has demonstrated significant traction, processing over $5 billion in transaction volume in the last year and generating more than 100 million encrypted tokens each month. This has been accompanied by a reported four-fold increase in year-over-year revenue. Evervault's client roster includes hundreds of global customers, with notable fintech and tech companies such as Ramp, Rippling, Uniswap, and Overwolf using its platform. The platform operates on a "dual-custody" encryption model where Evervault manages the encryption keys while customers store the encrypted data themselves. This separation is designed to drastically reduce breach risk compared to traditional tokenization where a single provider holds both. With the new $25 million infusion, Evervault plans to expand its encryption infrastructure, accelerate product development, and grow its engineering and product teams.
