Very Good Security has received a strategic investment from Visa, coming just months after it closed its former round.
Very Good Security is a SaaS-based platform for data security, compliance and privacy. Customers can use the technology to leverage the data without needing to store it on their systems. The RegTech acts as a custodian for sensitive data, such as payments, PII, access credentials and health records.
By working with Visa, Very Good Security clients can access perks including network tokenization, push payments with Visa Direct and fast-tracked card issuance. This will allow customers to instantly send funds to a consumer’s account via a debit card without needing the underlying bank account or card number.
Furthermore, they can issue a credit card without needing the card number and route payment cards to multiple processes with one click.
A $35m funding round was closed by Very Good Security late last year, following investments from Goldman Sachs, Andreessen Horowitz and Vertex Ventures. All three returned for this round.
Last year, Visa acquired Verifi to help it lower the instances of chargebacks. The company offers an end-to-end protection solution to lower fraud risk by connecting all parties in the dispute management process in near real-time.
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