PriyaPatel
TLDR:
- Vitesse, an InsurTech provider, raised $93m in Series C funding for US expansion
- The investment was led by KKR and aims to fuel growth and enhance product offerings
Vitesse, a leading InsurTech provider specializing in treasury and payment solutions for the insurance industry, recently closed a significant $93m Series C funding round. The round was led by global investment firm KKR, with participation from existing investors like Hannover Digital Investments. This funding milestone marks a crucial step for Vitesse as it prepares for accelerated growth and expansion into key markets, particularly in the US.
Founded in 2014 by Phillip McGriskin and Paul Townsend, Vitesse offers a comprehensive payments and treasury platform tailored specifically for the insurance sector. With a workforce of 177 employees and headquarters in London, the company currently serves clients across Europe and is now looking to penetrate the US market. The substantial investment will support Vitesse’s expansion efforts, focusing on the US market, a critical area for growth for the company.
The funding injection will also enable Vitesse to enhance its product offerings and strengthen its global payments network. The partnership with KKR has been highly anticipated by Vitesse, with CEO Phillip McGriskin expressing excitement about the collaboration. Patrick Devine, Managing Director at KKR, sees a significant opportunity for Vitesse to disrupt and add value to the global insurance industry by providing unparalleled control, transparency, and efficiency in fund management.
Curt Hess, US Executive President at Vitesse, highlighted the company’s vision and capability to deliver value to the insurance marketplace, emphasizing the potential for global expansion and growth. The announcement of this Series C funding round positions Vitesse as a key player in the InsurTech space, poised for significant developments and advancements in the industry.
