Basis Theory has raised $33m in a Series B funding round led by Costanoa, with participation from Stage 2 Capital, Moneta VC.
The investment marks a major step forward for Basis Theory as it accelerates its work in agentic commerce and scales its enterprise-grade payment vault for global merchants. The funding also underlines the company’s growing reputation for helping businesses securely manage and control payment data across multiple platforms.
Founded in 2020 by FinTech veterans Brian Billingsley, Colin Luce, and Ben Milne, whose collective experience includes leadership roles at Yodlee, Dwolla, and Klarna, Basis Theory provides a cloud-native, PCI-compliant vault that tokenises and manages sensitive payment data. This allows businesses to maintain control over how data is accessed internally or shared with partners, helping them to transform payments from a cost centre into a strategic growth driver.
The new capital will be used to expand Basis Theory’s agentic commerce initiatives and strengthen its payments infrastructure to meet the growing demand for flexibility, security, and programmability in payments. The company also plans to grow its engineering, product, and go-to-market teams as it continues to innovate at the intersection of payments and AI-driven commerce.
At the heart of its mission is the Agentic Commerce Consortium, a collaborative network of over 20 companies working to establish the standards and infrastructure for agent-led commerce. This initiative, spearheaded by Basis Theory, is focused on enabling AI agents to act as trusted buyers, paving the way for merchants to engage safely and effectively in autonomous, AI-powered transactions.
Basis Theory co-founder and CEO Colin Luce said, “The payments ecosystem is changing rapidly, and merchants no longer want to be locked into rigid platforms. We’re giving control back by making payments data as accessible and programmable as any other data type so it can fuel growth, intelligence, and automation across the entire business.”
Costanoa partner Amy Cheetham said, “Basis Theory is at the forefront of a dramatic shift as AI reshapes e-commerce as we know it. By giving merchants secure, real-time control over payment data, Basis Theory enables AI agents to authorise transactions, personalise experiences, and drive autonomous purchasing. They aren’t just keeping up with the future of commerce, they’re building it.”
The company currently employs more than 40 full-time staff and is poised to play a central role in advancing secure, AI-enabled payments infrastructure for merchants globally.
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