Basis Theory
“Can a PSP-agnostic token vault become the universal payment identity layer for both human and AI agent-driven commerce?”
Founded2020
HQMill Valley, CA, USA
Total raised33M+ (Series B alone)
Latest roundSeries B, October 2025
IndustryInfrastructure / Payments
The story
Founded in 2020 as a PCI-compliant tokenization vault for fintechs and merchants, Basis Theory initially focused on removing compliance burden by storing card data outside client infrastructure. Over 2023–2024 the company evolved into a multi-PSP routing and optimization layer — letting merchants tokenize once and route to any processor (Stripe, Adyen, Checkout.com) based on real-time intelligence. By 2026 the company extended the platform toward 'agentic commerce,' positioning the token vault as the identity and payment credential layer for AI agent-driven purchase flows.
Last 12 months
Product timeline
2020
Basis Theory founded as a developer-focused tokenization platform for securing sensitive payment data.· pivot
2023
Launched multi-PSP routing capabilities, enabling merchants to route tokenized card credentials across Stripe, Adyen, and Checkout.com.· card
2024
Introduced Network Tokens, Account Updater, and 3D Secure support as platform features, expanding beyond pure vaulting.· payments
2025
Closed $33M Series B led by Costanoa Ventures; launched Payment Method Discovery to unlock existing payment methods at checkout.· banking
2026
Launched basistheory.ai as an agentic commerce enablement platform, positioning the vault for AI agent-driven commerce flows.· pivot
The stack
1 layer disclosed in Basis Theory’s embedded-finance stack
Payments / PSP
Accounting gap: none