PriyaPatel
TLDR:
Key Points:
- Vitesse, a treasury and payment solutions provider for the insurance industry, raised £73 million in Series C funding
- KKR led the round with the participation of existing investors and appointed Curt Hess as executive president in the US for expansion
The InsurTech company Vitesse, founded in 2014, specializes in real-time management and capital safeguarding for stakeholders in the insurance industry. The Series C funding of £73 million was led by global investment firm KKR, with participation from existing investors like Hannover Digital Investments. Patrick Devine from KKR’s tech growth team will join Vitesse’s board of directors.
Vitesse enables claims administrators and delegated authorities to provide a better customer experience in claims payments through its integrated global payments network. The company has announced the appointment of Curt Hess, a Barclays and 10x Banking veteran, as the executive president in the US to oversee its expansion in that market. CEO McGriskin expressed excitement about working with KKR and Curt in their mission to revolutionize payment and treasury management in the global insurance market.
KKR is investing in Vitesse through its Next Generation Technology Growth Fund III, focusing on growth equity in the technology space. Devine mentioned that the global insurance industry is a strategic focus for KKR, seeing a market opportunity for Vitesse to disrupt and add value through control, transparency, and efficiency in fund management. KKR has a track record of supporting technology-focused growth companies and has a dedicated global team with expertise in technology growth equity.
The funding from KKR comes as Vitesse expands its presence in the US and aims to bring unparalleled solutions to global insurers. The company’s partnership with KKR and Curt’s appointment as executive president signify an important phase of growth for Vitesse as they continue to innovate in the insurance industry.
