Evervault has secured $25 million in Series B financing to scale a platform that keeps sensitive data encrypted from the moment it is collected through to downstream processing. The New York and Dublin-based company says the goal is to stop regulated information from ever appearing in plaintext inside application code, logs, databases, or third-party tools. Evervault describes the ambition as building a “clearinghouse” or trust layer for sensitive data exchange on the internet.
Funding round and backers
The round was led by Ribbit Capital, with participation from Sequoia Capital, Index Ventures, Kleiner Perkins and Operator Partners, and Evervault says the raise brings its total funding to $46 million. The company plans to use the money to expand its encryption infrastructure, invest in product development and hire across engineering and product. In parallel, LinkedIn posts from founder Shane Curran around the deal argued that higher-velocity data exchange is making traditional, plaintext-based handling increasingly risky.
How the technology is positioned
Evervault markets itself as a developer-first layer that encrypts sensitive data at the point of entry and lets teams run workflows without exposing the underlying values. Coverage of the product points to a “secure-by-default” approach and a “dual custody” model in which customers retain encrypted data while cryptographic control is split so that no single party can decrypt alone. The company says this design helps reduce the operational overhead of securing data after it has already spread across systems.
Payments as the initial beachhead
Card payments are Evervault’s initial focus, a segment it calls both highly regulated and operationally complex, and the company argues that success there can translate to other data types. It says customers can combine encryption with payment functions such as 3D Secure authentication, network tokens and card-data enrichment via a single integration that connects into more than 7,000 banks and financial institutions. Evervault positions that integration model as a way for payment teams to route card data without pulling it into their own infrastructure.
Reported traction and customers
Evervault says it processed more than $5 billion in transaction volume over the past year and generates more than 100 million encrypted tokens each month, alongside more than four times year-over-year revenue growth. It also says it serves hundreds of customers, naming companies such as CarTrawler, Ramp, Rippling, Overwolf and Uniswap among users. Curran has said the platform is already securing billions of dollars in payment flows annually, while warning that plaintext data is becoming more pervasive as companies connect more tools and partners.
Market drivers behind the pitch
Evervault is tying its message to a broader surge in global data creation, citing projections that the world’s data footprint could exceed 527 zettabytes by 2029 and continue rising quickly. The company and media coverage also point to generative AI and agentic workflows as a catalyst, because automation can multiply how many systems touch sensitive data and complicate compliance mapping. In that context, Evervault’s stance is that security should be built into architecture so data stays encrypted by default rather than protected mainly through policy.
Ribbit Capital partner Justin Saslaw has called secure handling “one of the defining infrastructure challenges of this decade,” and Evervault is using the Series B to push that thesis into wider adoption. The company says it will deepen integrations with trusted third parties, improve its developer experience and expand to additional categories of regulated data beyond payments over time. Whether it can become a de facto “clearinghouse” will depend on how well it scales performance, coverage and trust as encrypted-by-default workflows move from niche to expectation.