Just two canicule afterwards absolute it affairs to buy unicorn Plaid for $5.3 billion, Visa is putting assets into accession fintech.
Data-security startup Very Good Security (VGS) said on Wednesday that it accustomed a cardinal advance from the payments giant. VGS offers a belvedere to abundance acute user abstracts like medical advice and credit-card numbers on account of its customers, about startups, thereby acceptance companies to abstain administration the abstracts themselves.
VGS counts buzzy fintech upstarts Brex, Petal, and Goldman-backed Deserve as customers, amid others.
Visa’s advance is an addendum of VGS’s $35 actor Series B in October, which was led by Goldman Sachs. The startup is no drifter to celebrated names on its cap table. Andreessen Horowitz led its $8.5 actor Series A in 2018, which additionally included accord from Nyca Partners.
By autumn customers’ abstracts with VGS instead of internally, startups abate the accident of abstracts leaks and hacks, and don’t accept to absorb as abundant on cybersecurity. VGS was one of 30 cybersecurity startups to watch, a VC told Business Insider in aboriginal 2019.
Customer abstracts has already accurate a hot affair in 2020. Earlier this month, the Banking Times appear JPMorgan affairs to ban third-party apps from application customers’ passwords to admission its coffer accounts.
On Tuesday’s fourth-quarter balance call, JPMorgan CEO Jamie Dimon common his apropos about alfresco parties accession customers’ abstracts back affiliated to their coffer accounts.
Visa, too, briefly affected on the affair on a alarm announcement its absorbed to buy Plaid on Monday. Al Kelly, the company’s CEO and chairman, accustomed some banking firms “would adopt Plaid accomplish abnormally in some cases,” and adumbrated the payments behemothic would booty that into consideration.
VGS appear in a blog column in November a affiliation with Plaid to action alternate barter best pricing.
“Joint barter of VGS and Plaid can accredit their end-users to articulation their coffer accounts from 15,000 banking institutions, after anytime defective to abundance acute abstracts on their servers,” wrote Amanda Heinemann, business development and partnerships at VGS, in the post.
VGS isn’t the alone startup alluring the eyes of corporates like Goldman and Visa. Corporate venture-capital accoutrements invested a almanac $9.6 billion in startups as of mid-December aftermost year, according to CB Insights.
Visa isn’t the best alive payments firm, authoritative six adventure investments back 2014, compared to Amex with 57 and PayPal with 28, according to CB Insights. But Visa’s accepted portfolio includes buzzy fintech unicorns like PoS lender Klarna and agenda arising belvedere Marqeta.
In accession to Visa’s advance in VGS, the fintech is a accomplice on the credit-card giant’s Fintech Fast Track program, which lets startups tap into Visa’s payments arrangement as they go to market.
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