Evervault, the developer-first platform for encrypting and managing sensitive data, has closed a $25 million Series B financing round led by Ribbit Capital. Index Ventures, Sequoia Capital, Kleiner Perkins, and Operator Partners also participated. The new capital brings Evervault's total funding to $46 million and will go toward expanding its encryption infrastructure, deepening product development, and growing its engineering team.
The company serves hundreds of organizations globally, including CarTrawler, Ramp, Rippling, Overwolf, and Uniswap.
Global data volumes are on track to exceed 527 zettabytes by 2029, roughly doubling every three years. Despite that scale, most organizations still struggle to know where their sensitive data actually lives, who can access it, and how it moves through their systems. Generative AI and agentic workflows have made the problem worse, adding new data pipelines that are difficult to monitor and secure.
Evervault is built on a different premise: sensitive data should never exist in plaintext at all.
The platform lets developers encrypt data the moment it enters a system, then process it end-to-end without ever exposing it in readable form. Shane Curran, founder and CEO of Evervault, framed the company's approach directly: "Most compliance frameworks assume sensitive data will exist in plaintext somewhere, but with automated, high-velocity data exchange, that's a liability. At Evervault, we believe sensitive data should be treated like hazardous material. Systems must be designed so it isn't touched in the first place. We're building the Internet's trust layer, embedding encryption directly into the application architecture so it stays encrypted by default, not by policy alone."
The Series B proceeds will fund three main priorities: scaling Evervault's encryption infrastructure to handle growing data volumes, investing in new product capabilities, and building out the engineering and product teams. The company is also focused on expanding beyond card payments into a broader range of regulated data categories.
Card payments served as Evervault's entry point into the market, and the results there have been strong. Over the past year, the company reported more than four times year-over-year revenue growth and processed over $5 billion in transaction volume. The platform generates more than 100 million encrypted tokens each month. Looking ahead, Evervault is positioning itself as a general-purpose clearinghouse for sensitive data, with card payments as one vertical among many.
Evervault was founded in 2019 by Shane Curran. The platform sits between applications and their data, allowing companies to collect, process, and route sensitive information without it ever touching their own infrastructure. That architecture has practical consequences for compliance.
Through more than 7,000 integrations with banks and financial institutions, Evervault's card payments solution combines encryption with 3D-Secure authentication, network tokens, and card data enrichment in a single integration. Customers building on the platform have reported reducing PCI DSS compliance costs by an average of $100,000, reaching compliance 95% faster, and deploying secure payment systems in days rather than weeks.
The compliance burden has long been one of the biggest friction points for companies handling regulated data. Evervault's argument is that by making encryption structural rather than procedural, that burden becomes a foundation for faster development instead of a blocker. More information is available at evervault.com.
Evervault's Series B was led by Ribbit Capital, the fintech-focused investment firm. Justin Saslaw, general partner at Ribbit Capital, commented on the rationale: "The amount of sensitive data flowing through digital systems is exploding, and managing it safely has become one of the defining infrastructure challenges of this decade. This is a massive, global problem impacting nearly every industry. Evervault is building the core infrastructure that lets companies handle that data securely without it becoming an anchor on their business, turning what was previously a compliance burden into a fundamental foundation for faster innovation."
The round also included participation from Index Ventures, Sequoia Capital, Kleiner Perkins, and Operator Partners. Prior to this round, Evervault had raised $21 million across earlier stages, with Ribbit Capital, Sequoia Capital, and Index Ventures backing the company since its earlier rounds. The $25 million Series B brings the cumulative total to $46 million.
