Vitesse, a UK-based fintech company specializing in payments and treasury management for insurers, has successfully raised $93 million in a Series C funding round. This significant investment, led by global investment firm KKR, marks a pivotal moment in Vitesse’s expansion plans, particularly in the US market.
KKR made this investment through its Next Generation Technology Growth Fund III, a $3 billion fund established last year. This backing underscores the confidence in Vitesse’s innovative platform and its potential to revolutionize payment processes for the insurance industry.
Founded in London in 2013 by Paul Townsend and Phil McGriskin, Vitesse emerged from their successful exit from Envoy, an e-commerce payments company sold to WorldPay in 2011. Building on their experience, Townsend and McGriskin developed Vitesse to address the specific needs of insurance companies, offering a comprehensive solution for treasury and payment management.
Vitesse’s platform connects insurers to a vast network of clearing systems, simplifying international payments and providing seamless access to domestic banking services. This eliminates the usual friction associated with cross-border transactions. Additionally, the platform offers robust features like liquidity management, cash-flow forecasting, and real-time visibility into cash positions across various accounts and currencies.
The company has shown steady growth, raising $8.4 million in its Series A round in 2020, followed by a $26 million Series B round two years later. With the latest $93 million infusion, Vitesse is poised to accelerate its US expansion. Banking veteran Curt Hess has been appointed to lead this charge, leveraging his extensive experience to drive growth in the American market.
In addition to KKR, the Series C round saw continued support from existing investors, including Hoxton Ventures, Octopus Ventures, and Hannover Digital Investments. This ongoing investor confidence highlights the strategic value and promising future of Vitesse’s offerings.
Vitesse’s platform is designed to cater specifically to the insurance sector, which often grapples with complex and costly payment processes. By integrating with multiple clearing systems, Vitesse ensures that payments are processed quickly and efficiently, reducing costs and improving cash flow management for insurers.
The platform’s liquidity management tools enable insurers to optimize their cash reserves, ensuring they have the necessary funds available when needed. Real-time cash-flow forecasting provides insurers with a clear view of their financial health, allowing for better planning and decision-making.
Furthermore, Vitesse’s solution offers real-time visibility into cash positions, helping insurers manage their funds more effectively. This level of transparency is crucial for making informed decisions and maintaining financial stability.
With its comprehensive suite of services, Vitesse is well-positioned to transform the way insurers handle payments and treasury management. The company’s focus on innovation and efficiency aligns perfectly with the needs of the insurance industry, making it a valuable partner for insurers looking to streamline their financial operations.
As Vitesse continues to expand its presence in the US, the company is set to play a significant role in shaping the future of insurance payments and treasury management. The Series C funding will enable Vitesse to enhance its platform further, develop new features, and expand its customer base.
Vitesse’s successful Series C funding round, led by KKR, marks a major milestone in the company’s journey. With a robust platform designed to meet the unique needs of insurers and a clear strategy for US expansion, Vitesse is poised for significant growth and impact in the fintech space.
