Banking News

Visa starts the year with an open wallet

Visa starts the year with an open wallet

(16 January 20120 – Global) Days after splashing out $5.3 billion to acquire data sharing startup Plaid, Visa has opened its wallet again to invest an undisclosed sum in data security outfit Very Good Security.

Very Good Security (VGS) acts as a liability buffer for fintech startups by storing sensitive data, such as account numbers and personal information, while fast-tracking compliance certifications like PCI, SOC2, CCPA, GDPR.

This means that card issuers and VGS customers don’t have to handle personally identifiable information or payment card numbers.

Visa's investment in VGS follows a $35 million Series B led by Goldman Sachs in October last year.

The company was also a launch partner for Visa's Fintech Fast Track program, which makes it easier for firms to collaborate with Visa and launch new fintech products.

“As a global leader in payments, we continue to invest in and partner with companies that provide valuable capabilities for our clients and for the network,” says Kevin Jacques, VP, Visa Ventures.

“VGS’ ‘Zero Data’ platform is an example of this. Companies can reduce the scope of their data security and compliance requirements by eliminating the sensitive data in their systems, enabling them to develop innovative ways to pay without compromising security or functionality.”

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