I distinctly remember my very first conversation with Kanyi Maqubela of Kindred Ventures nearly a year ago. “So are you disrupting the entire payment processing industry?” My answer: Yes and no. We ended up chatting for almost an hour, and despite not yet even having a company name or a pitch deck (let alone a single line of code), he suggested we partner with him and Steve Jang. A week later, we had a term sheet.
His initial instinct was 100% correct — they were the right partners for us then and still are today. As he explained in a recent post:
Two important lessons from that history. The first: anything worth stealing can be, so a tool that makes transmitting — and storing — that data secure, is valuable to companies. The second: credit cards and financial data is what tends to get secured first. And yet, today, untold millions bank accounts, and social security numbers are sitting in Excel and CSV files on company servers across the world, while credit cards are locked within payment processor walls, inaccessible to merchants and businesses. Enter Basis Theory.
We're thrilled to count Kanyi among the our incredible investors and partners, too. It’s going to take to tackle this enormous opportunity that, as Kanyi writes, will soon be everybody’s problem.