Vitesse, a leading provider of treasury and payment solutions tailored for the insurance sector, has successfully concluded a Series C funding round, securing an impressive $93 million. The infusion of capital is earmarked to fortify the company’s treasury operations and further augment its suite of offerings catering to the insurance industry.
In an official statement released on Tuesday, Vitesse outlined its strategic intentions with the newly acquired funds, emphasizing plans for expansion within the United States and continued enhancement of product development. The company aims to bolster connectivity throughout the insurance value chain while expanding its network for seamless payments.
Phillip McGriskin, Co-founder and CEO of Vitesse, hailed the latest financing milestone as a resounding vote of confidence from investors in the company’s mission to redefine payment and treasury management within the global insurance market.
Established in 2014 by McGriskin and Paul Townsend, Vitesse has emerged as a pivotal player in the insurance landscape, providing market participants with comprehensive solutions. These include enhanced visibility and control over claims, real-time management, capital preservation, and streamlined claims payment capabilities.
Headquartered in London, Vitesse serves a diverse clientele across Europe and is poised for further expansion across the United States. To spearhead its growth in this critical market, the company announced the appointment of Curt Hess, former Chief Operating Officer and Chief Financial Officer of 10x Banking, as its Executive President in the U.S.
The Series C funding round was led by KKR, a prominent investment firm, with Patrick Devine, Managing Director of KKR’s Tech Growth team, set to join Vitesse’s board of directors following the investment, pending regulatory approvals. Devine highlighted the strategic significance of Vitesse’s value proposition within the global insurance sector, affirming KKR’s commitment to supporting disruptive ventures poised to deliver substantial industry-wide impact.
This latest funding round follows Vitesse’s successful Series B financing, which saw the company raise $26 million. Reflecting on the company’s trajectory, McGriskin underscored Vitesse’s enduring commitment to meeting the evolving needs of insurers, culminating in a growing recognition of the tangible benefits offered by the company’s FinTech solutions.
“With years of dedicated engagement within the insurance industry, we’ve earned the trust of key stakeholders, demonstrating our capacity to align with their requirements,” remarked McGriskin in a conversation with PYMNTS shortly after the preceding funding round in February 2022.
As Vitesse continues to carve a distinct niche within the insurance ecosystem, the latest infusion of capital positions the company for sustained growth and innovation, poised to reshape the landscape of payment and treasury management for insurers worldwide.
