Vitesse, a leading provider of treasury and payment solutions tailored for the insurance industry, has announced the completion of a substantial $93m Series C funding round.
The investment was spearheaded by global investment firm KKR, with participation from existing backers, including Hannover Digital Investments.
This strategic move marks a significant milestone for Vitesse as it positions itself for accelerated growth and expansion in key markets.
Founded in 2014 by payment industry entrepreneurs Phillip McGriskin and Paul Townsend, Vitesse offers a comprehensive payments and treasury platform designed specifically for the insurance sector.
The platform empowers market participants with advanced tools for managing claims efficiently, providing real-time visibility and control over the claims process. With a workforce of 177 employees and headquarters in London, Vitesse serves clients across Europe and is now poised for expansion into the US market.
The substantial funding injection will fuel Vitesse’s expansion efforts, particularly in the US, a pivotal growth market for the company.
Additionally, the investment will enable Vitesse to further enhance its product offerings and strengthen its global payments network.
Phillip McGriskin, co-founder and CEO of Vitesse, expressed enthusiasm about the partnership with KKR, stating, “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.”
Patrick Devine, Managing Director at KKR, added, “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.”
Curt Hess, US Executive President at Vitesse, remarked, “I am thrilled to join Vitesse at such an exciting time in the Company’s journey. The Company’s vision and demonstrable ability to deliver value to the insurance marketplace, by providing clients with streamlined solutions and a competitive edge, presents an incredible global opportunity. I am excited to be a part of the next stage of the Company’s development as we focus on further expanding in the US, serving new and existing customers.”
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