Evervault Secures €21 Million to Enhance Payment Data Security

Evervault, a startup based in both Dublin and New York, has successfully raised €21 million in a Series B funding round. The investment, led by Ribbit Capital and supported by Sequoia Capital and Index Ventures, was announced on March 5, 2026. This funding will be directed towards expanding the company’s encryption infrastructure and enhancing its product development capabilities.

The company processes over €4.2 billion in transactions monthly and claims to significantly reduce compliance costs for its customers, averaging a savings of €86,000. Evervault’s platform is designed to keep sensitive payment data encrypted throughout its lifecycle, which aims to eliminate the vulnerabilities associated with traditional payment systems. In standard processes, card data is accessed multiple times by merchants, processors, and banks, increasing the chances of fraud.

Evervault’s innovative approach allows card payment data to remain untouched within customer systems. Rather than appearing in plaintext, the data is encrypted, thereby enhancing security and compliance. The startup’s unique product integrates encryption with 3D-Secure authentication, network tokens, and card data enrichment, connecting to over 7,000 banks and financial institutions.

Meeting Compliance Needs in a Tightening Regulatory Landscape

The financial landscape in Europe is evolving, particularly with the implementation of the EU’s revised Payment Services Directive and stricter enforcement of the General Data Protection Regulation (GDPR). These changes are pushing companies to rethink how they handle customer financial data. Evervault argues that businesses can simplify their compliance processes if they do not directly interact with raw data.

According to Evervault, its customers can achieve compliance with the Payment Card Industry Data Security Standard (PCI DSS) 95% faster than traditional methods. The company reports that it has experienced a year-on-year revenue growth of over four times, alongside generating more than 100 million encrypted tokens monthly. These impressive figures underscore the increasing demand for secure payment solutions.

The funding from Ribbit Capital, known for its investments in successful fintech companies like Revolut and Robinhood, indicates strong institutional confidence in the infrastructure layer of fintech. This is particularly significant as consumer-facing neobanks have faced variable market conditions. The backing from Sequoia and Index Ventures, both of which have extensive European portfolios, further highlights the potential for growth in this sector.

Future Growth and Market Positioning

Evervault plans to use the recently acquired funds to bolster its engineering and product teams. While the company has not disclosed specific headcount details or plans for entering new markets, its dual presence in the US and EU positions it well for future expansion.

The broader implication for Evervault and similar companies lies in whether encryption-at-rest and in-transit will become a standard practice in enterprise environments or remain a premium choice for those focused on compliance. As artificial intelligence tools increasingly analyze financial data, the timeline for widespread adoption may arrive sooner than anticipated.

In a rapidly evolving regulatory environment, Evervault’s innovative solutions could be pivotal in defining how businesses secure payment data moving forward.