Fin Tech Focus

Value for security

January 21 - 28 , 2020

Gulf Weekly Naman Arora
By Naman Arora

Gulf Weekly Value for security

Days after acquiring payment connection start-up Plaid for $5.3 billion (BD2 billion), Visa continued its FinTech investment spree with a significant investment in Very Good Security (VGS), which helps FinTech companies better protect their data.

VGS works with start-ups like Brex and Petal to hide sensitive data and swap it for an alias. In other words, VGS helps companies with compliance and safely handles things like credit card numbers to protect identities. VGS customers can issue credit cards without ever having to see a card number and they can run background checks without needing to hold personal identifying information.

This is not the first time Visa and VGS have worked together. Visa chose VGS as a partner for its FinTech Fast Track programme earlier this year.

VGS vice president of business development strategy, Peter Berg, said: “There’s a need for specialised infrastructure to handle the toughest challenges in FinTech. VGS is building that infrastructure and making it easier for companies to get value from sensitive data without compromising security or privacy.”

Visa has invested in more than 46 companies to date, according to Crunchbase data, including VGS, Square, Finix and Gojek.

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