Vitesse Raises $93M in Series C Funding

Vitesse, a London, UK-based treasury and payment solutions provider for the insurance industry, closed a $93M Series C funding.

The round was led by KKR, with participation from existing investors 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.

The company intends to use the funds for product development, enhancement of connectivity across the insurance value chain, and expansion efforts into the US.

Founded in 2014 by Phillip McGriskin and Paul Townsend, Vitesse is a payments and treasury platform for the insurance industry, providing market participants with total visibility and control over their claims. The platform 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, the companyis headquartered in London and serves customers across Europe, and is expanding in the US, a significant growth market for the company.

FinSMEs

21/05/2024