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Vitesse secures $93m in Series C Funding to fuel US expansion

By Delisha Fernandes

May 23, 2024

  • FinTech Investment
  • FinTech US
  • Funding News
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Vitesse

Vitesse, a treasury and payment solutions provider for the insurance industry, has announced the completion of a $93 million Series C funding.

The funding round was led by global investment firm KKR, with participation from existing investors, including Hannover Digital Investments.

Following the investment, which is subject to customary regulatory approvals, Patrick Devine, Managing Director in KKR’s Tech Growth team, will join the board of directors. Vitesse also announced the appointment of Curt Hess as Executive President in the US to oversee the Company’s continued expansion in this market.

Phillip McGriskin, Co-founder and CEO of Vitesse, said, “This latest funding is a strong testament to the confidence our investors have in our mission to revolutionise payment and treasury management in the global insurance market. We are thrilled to be working with KKR as we embark on this next phase of growth and to capitalise on their team’s strong industry expertise. As we continue to grow our presence in the US, I’m particularly excited about Curt joining the Vitesse family, who brings significant knowledge and expertise to support us on this dynamic growth journey.”

Vitesse enables real-time management and capital safeguarding for stakeholders across the value chain, replacing time-consuming manual processing of claims payments and reconciliations. Through its integrated global payments network, Vitesse enables claims administrators and delegated authorities to deliver the best customer experience in claims payments. With 177 employees, Vitesse is headquartered in London and, serves customers across Europe, and is expanding in the US, a significant growth market for the Company.

The investment will support Vitesse’s expansion efforts into the US whilst enabling the Company to continue to invest in product development, with a focus on expanding the connectivity in the insurance value chain and enhancing the breadth and depth of its already extensive payment network.

Patrick Devine, Managing Director and member of KKR’s Tech Growth team, said, “The global insurance industry is a key strategic focus for KKR, and we see a real market opportunity for Vitesse to disrupt and add significant value to the industry. We are excited to partner with this proven management team to support Vitesse’s ambition of providing global insurers with unparalleled control, transparency, and efficiency for the holding and management of funds.”

KKR is investing Vitesse primarily through its Next Generation Technology Growth Fund III, a fund dedicated to growth equity investment opportunities in the technology space.

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