Vitesse Raises $93 Million to Expand Platform for Insurance Industry

Vitesse has completed a $93 million Series C funding round aimed at growing its treasury and payment solutions for the insurance industry.

The company will use the new funding to support its expansion in the United States and to further its product development, adding more connectivity in the insurance value chain and expanding its payment network, Vitesse said in a Tuesday (May 21) press release.

“This latest funding is a strong testament to the confidence our investors have in our mission to revolutionize payment and treasury management in the global insurance market,” Phillip McGriskin, co-founder and CEO of Vitesse, said in the release.

McGriskin and Paul Townsend founded Vitesse in 2014, according to the release. Today, the company’s platform provides insurance industry market participants with visibility and control over their claims; real-time management and capital safeguarding; and claims payment capabilities, according to the release.

Vitesse is headquartered in London, serves customers across Europe and is expanding in the U.S., the release said. The company also announced Tuesday that it has appointed former 10x Banking Chief Operating Officer and Chief Financial Officer Curt Hess as Vitesse’s executive president in the U.S. to oversee its growth in that market.

The company’s latest funding round was led by KKR, and Patrick Devine, managing director of KKR’s Tech Growth team, will join Vitesse’s board of directors after the investment, which is subject to regulatory approvals, per the release.

“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,” Devine said in the release.

Vitesse’s Series C funding round comes a little over two years after a Series B funding round in which it raised $26 million.

Speaking with PYMNTS shortly after that February 2022 funding round, McGriskin said that as Vitesse has spent years operating within the insurance industry and getting to know key players, its reputation has grown and insurers have gained a clear understanding of the tangible benefits the FinTech offers.

“I think there’s room for a lot of us to play in this market,” McGriskin said. “We’ve spent a lot of time working slowly with the market to let them know we have done everything that they have requested to make sure that we fit within their requirements.”