← State of Embedded Finance 2026

Vgs

Can a PSP-neutral tokenization and vaulting layer become the de facto compliance and payment optimization infrastructure between merchants/fintechs and the global card network ecosystem?

Founded2017
HQSan Francisco, CA, USA
Total raised~$43.5M+
Latest roundSeries B, 2019
IndustryInfrastructure / KYC
The story

VGS was founded as a data security and tokenization infrastructure company, allowing fintechs and merchants to handle sensitive card and PII data without direct PCI scope. The company evolved from a generic data vault into a payments-infrastructure-specific platform, offering PSP-neutral vaulting, network tokenization, and multi-PSP routing. With Visa's strategic investment in 2020, VGS increasingly positioned itself as the neutral layer between merchants and card networks, helping customers like Brex and Petal avoid raw card number exposure. By 2026, VGS is targeting verticals such as gaming where global payment complexity, fraud prevention, and regulatory compliance create demand for its stack.

Last 12 months
2026-05
Product timeline
2017
VGS (Very Good Security) founded to provide tokenization and data vaulting for sensitive financial data.· pivot
2018
Raised $8.5M Series A; established core PCI-compliant proxy vaulting product used by fintechs like Brex and Petal.· banking
2019
Raised $35M Series B led by Goldman Sachs; Visa invested undisclosed amount, signaling strategic alignment with card networks.· card
2020
Expanded PSP-neutral card vault offering, enabling multi-PSP and network token strategies for merchants.· card
2026
Participated in Gaming Leaders' Summit promoting PCI-compliant vaulting, multi-PSP flexibility, and fraud prevention for gaming vertical.· pivot
The stack
Payments / PSP
Stripe
Accounting gap: none