U.S.-Ukrainian Very Good Security raises investment from Visa

U.S.-Ukrainian Very Good Security raises investment from Visa

The U.S.-Ukrainian company Very Good Security, a provider of modern data security and custodianship solutions, has raised investment from Visa.

Visa has joined investors of Series B funding round, including Goldman Sachs, Andreessen Horowitz, Vertex Ventures US, Max Levchin (PayPal co-founder), and Nick Bilogorsky.

The amount of the deal is not disclosed. Previously, the company had raised $43.5 million in investments.

“This investment from Visa further signals a shift around how companies think about protecting sensitive data,” Mahmoud Abdelkader, CEO and co-founder of VGS.

VGS is also a Visa’s partner in the Fintech Fast Track program. VGS clients can issue credit cards without seeing their numbers, perform personal data verification without having to store passport and identification code data.

Very Good Security is working on a SaaS solution that allows companies to collect, protect, and exchange sensitive data with no risk. That is, the VGS platform allows companies to apply the Zero Data approach, when they may not store sensitive data on their servers. VGS is responsible for data secure collection and exchange with the required services.
Currently, VGS customers are Brex, Travel Bank, Deserve, Fivestars, LendUp, and others.

The company employs more than 100 people, including more than 60 in the Ukrainian office.


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