Today we are excited to announce that Very Good Security (VGS) has received a strategic investment from Visa, Inc. We are proud to add Visa to our list of incredible investors, including Andreessen Horowitz, Goldman Sachs, and Vertex Ventures US.
Visa’s founder, Dee Hock, once said: “Preserve substance; modify form; know the difference.” Sensitive financial and personal data are powerful keys to unlock value. However, if compromised, these keys cannot be reissued, and therefore require a proportional amount of protection.
VGS enables our customers to derive value from data without needing to hold the data itself. Whether they are two developers in a garage or a top global bank, VGS customers can achieve interoperability, best-in-class data security, and compliance. We are excited to have Visa join VGS in furthering our mission to secure the world’s sensitive information.
Visa pioneered the path for digital commerce and payments. With card-based payments today, no physical money moves, yet, transactions happen. Consumers can pay for goods and services without physically going to the bank and moving cash from their bank accounts, often receiving perks for this convenience.
In a parallel manner, VGS enables our customers to utilize sensitive data without data security and compliance overhead. Not only do VGS customers reap the benefits of better data security, but they also derive value, or perks, from storing their data on VGS’ platform. With Visa, VGS grows these perks to include network tokenization, push payments with Visa Direct, and fast-tracked card issuance.
Now, our customers can instantly push funds to a consumer’s account via a debit card without ever knowing the underlying bank account or card number. They can issue a credit card without ever storing the card number. Our merchant and marketplace customers can route payment cards to multiple processors with the flip of a switch, again, without needing the card numbers.
All of these examples, and many more, keep our customers out of PCI compliance scope and remove their liability for the sensitive financial data while adding immense value to their businesses in the form of new product offerings and additional revenue.
Visa has architected and cemented a payments network that is a standard for modern commerce. We are thrilled to partner more closely with Visa to scale our products and solidify VGS’ “Zero Data” approach as a standard in the data security and compliance space.
If you’re interested in joining our mission, check out our careers page here or drop us a line at recruiting@verygoodsecurity.com.
