When Mahmoud Abdelkader ceded his last company, Balanced, a financial tech, or fintech, firm where he worked as chief technology officer, to longtime rival Stripe in 2015, the surrender meant only temporary defeat.
At the time, Abdelkader was building payments rails for online marketplaces. But solutions to the thorny problem of securely transferring money over the Internet had broader potential than he first presumed, he realized. “It’s not about moving money. It’s about moving value, which is represented by pieces of data, securely,” he says.
That insight formed the foundation of Abdelkader’s next act: the amusingly named startup Very Good Security, or VGS, which he cofounded a year later with Marshall Jones, Balanced’s VP of engineering. (Abdelkader says the name is an homage to Pretty Good Privacy, an influential and at one time controversial data encryption program developed in the ’90s.)
Now VGS is receiving a boost. Investors, … Read the rest