Vitesse rakes in $93m in Series C funding to fuel expansion and innovation
Vitesse, a prominent provider of treasury and payment solutions tailored for the insurance sector, has closed a $93 million Series C funding round. This substantial investment was led by the renowned global investment firm KKR, with additional contributions from existing stakeholders such as Hannover Digital Investments. The influx of capital, pending customary regulatory approvals, will significantly propel Vitesse’s expansion efforts, particularly in the US market.
Following the funding, Patrick Devine, Managing Director in KKR’s Tech Growth team, will be joining Vitesse’s board of directors, marking a strategic enhancement to the company’s governance and future planning.
Strategic Leadership Expansion in the US
In a concurrent announcement, Vitesse has appointed Curt Hess as the new Executive President for its US operations. Hess, a veteran in the banking and fintech industries with over 15 years of experience, including pivotal roles at 10x Banking and as CEO of Barclays US Consumer Bank, is set to spearhead Vitesse’s growth initiatives across the United States.
Enhancing Global Insurance Payments
Founded in 2014 by Phillip McGriskin and Paul Townsend, Vitesse has revolutionized the insurance payment landscape through its advanced payments and treasury platform. The platform boasts a robust global payment network that has processed over $10 billion across more than 200 countries and currencies. This network not only ensures fast and full-value payouts to claimants but also reintegrates substantial funds back into insurers’ balance sheets.
The Series C funding will enable Vitesse to further invest in product development and expand its connectivity within the insurance value chain. This includes enhancing the breadth and depth of its already extensive payment network, ensuring that Vitesse continues to lead in providing innovative payment solutions.
The strategic investment by KKR, coupled with the addition of Curt Hess, positions Vitesse for significant growth and continued innovation in the insurance payments industry. This move is not only a testament to the confidence investors have in Vitesse’s potential but also underscores the company’s commitment to revolutionizing payment and treasury management on a global scale.