The Dublin-and-New York-based startup, backed by Ribbit Capital, Sequoia, and Index Ventures, says it processes more than €4.2bn in transactions monthly and cuts customers’ PCI compliance costs by an average of €86,000.
The premise behind Evervault is one of those ideas that sounds straightforward until you think about how most payment systems actually work. Card data travels between merchants, processors, banks, and intermediaries, at each stage, someone touches it. Fraud happens at those touch points. Compliance costs track them. Evervault’s argument is that the data never needs to be touched at all.
The Irish-founded company, which operates between Dublin and New York, announced on March 5, 2026, that it has raised €21 million in a Series B funding round led by Ribbit Capital, with participation from Sequoia Capital and Index Ventures. The round brings Evervault’s total funding to €39 million.
What the company does?
Evervault offers a developer-first platform for encrypting and orchestrating sensitive data, specifically card payment data, without the information ever appearing in plaintext within its customers’ systems.
Its card payments product combines encryption with 3D-Secure authentication, network tokens, and card data enrichment in a single integration, connecting to more than 7,000 banks and financial institutions.
The commercial case rests on compliance economics. PCI DSS, the Payment Card Industry Data Security Standard, imposes significant costs on any business that stores, processes, or transmits card data.
Evervault says its customers cut those compliance costs by an average of €86,000, achieve compliance 95% faster than through conventional approaches, and ship secure payment systems in days rather than weeks.
Over the past 12 months, the company reports revenue growth of more than four times year-on-year and says it processes more than €4.2 billion in transactions per month, generating over 100 million encrypted tokens. These figures have not been independently verified.
Why the timing matters
European financial regulation is moving in a direction that makes Evervault’s pitch more compelling. The EU’s revised Payment Services Directive, combined with increasing enforcement activity around GDPR and broader digital identity frameworks, is tightening the conditions under which companies can touch customer financial data. Firms that can credibly argue they never see the raw data face a simpler compliance posture.
The funding will be used to expand encryption infrastructure, invest in product development, and grow engineering and product teams.
The company has not disclosed headcount or any plans to expand into specific new markets, though its US and EU dual presence positions it for growth on both sides of the Atlantic.
Ribbit Capital, which led the round, has backed a number of prominent fintech companies including Revolut, Robinhood, and Brex. Its involvement alongside Sequoia and Index, both of which have deep European portfolios, signals continued institutional confidence in the infrastructure layer of fintech, even as consumer-facing neobanks have faced more uneven conditions.
The broader question for Evervault, and for the category it represents, is whether encryption-at-rest and in-transit is becoming a genuine enterprise standard or remains a premium choice for compliance-conscious operators.
The answer, as AI tools begin ingesting financial data at scale, may arrive sooner than the company’s original roadmap anticipated.
