Evervault Secures €21M to Enhance Payment Data Encryption

Dublin-and-New York-based startup Evervault has raised €21 million in a Series B funding round, aiming to fortify its payment data encryption services. The funding, announced on March 5, 2026, was led by Ribbit Capital and included participation from prominent investors such as Sequoia Capital and Index Ventures. This latest round brings Evervault’s total funding to €39 million.

Evervault operates a developer-first platform designed to encrypt sensitive payment data without ever exposing it in plaintext. The company processes over €4.2 billion in transactions monthly, allowing customers to reduce their Payment Card Industry Data Security Standard (PCI DSS) compliance costs by an average of €86,000. The impact of these savings is significant, as compliance costs can be a considerable burden for businesses handling card data.

Transforming Payment Data Security

The traditional payment system involves multiple touchpoints where card data is transferred between merchants, processors, banks, and intermediaries. These interactions create opportunities for fraud and increase compliance costs. Evervault’s model addresses this issue by ensuring that card data remains encrypted throughout its journey, effectively eliminating the need for any party to access raw data at any point.

The company’s card payments product integrates encryption with advanced features such as 3D-Secure authentication, network tokens, and card data enrichment—all within a single integration. This streamlined approach connects to over 7,000 banks and financial institutions, enhancing both security and efficiency.

In the past year, Evervault has experienced remarkable growth, reporting a revenue increase of more than four times year-on-year. The company has generated over 100 million encrypted tokens, indicating a robust demand for its services.

Regulatory Landscape and Future Plans

The evolving regulatory environment in Europe further strengthens Evervault’s business case. The EU’s revised Payment Services Directive and increased enforcement of the General Data Protection Regulation (GDPR) are tightening the controls around customer financial data handling. Companies that can demonstrate that they never access raw data are likely to face less regulatory scrutiny and lower compliance burdens.

The recent funding will be allocated to expanding Evervault’s encryption infrastructure and enhancing product development. While the company has not disclosed specific plans for headcount increases or market expansions, its dual presence in the US and EU positions it well for future growth.

Ribbit Capital, known for investing in notable fintech companies like Revolut, Robinhood, and Brex, leads this funding round, underscoring ongoing institutional confidence in the fintech infrastructure sector. This confidence remains strong, even as consumer-facing neobanks confront shifting market conditions.

The critical question for Evervault and similar companies is whether encryption practices will transition from being premium options to standard industry requirements. As artificial intelligence tools increasingly analyze financial data at scale, the answer may emerge sooner than anticipated.