Vitesse, a UK-based provider of treasury and payment solutions for the insurance sector, has secured $93m in a Series C funding round.
The new financing round was led by global investment firm KKR. It also had participation from Vitesse’s existing investors such as Hannover Digital Investments.
KKR is investing mainly through its fund dedicated to growth equity investment opportunities in the technology space, dubbed Next Generation Technology Growth Fund III.
Established in 2014, Vitesse is said to offer full visibility and control over claims to market participants. The company facilitates real-time management and capital protection for stakeholders throughout the value chain.
The treasury and payment solutions provider also replaces time-consuming manual processing of claims payments and reconciliations.
Besides, the firm allows claims administrators and delegated authorities to deliver the best customer experience in claims payments through its integrated global payments network.
Vitesse co-founder and CEO Phillip McGriskin said: “This latest funding is a strong testament to the confidence our investors have in our mission to revolutionise payment and treasury management in the global insurance market.
“We are thrilled to be working with KKR as we embark on this next phase of growth and to capitalise on their team’s strong industry expertise.”
The new funding will help Vitesse to advance its expansion initiatives in the US along with helping the company to continue to invest in product development.
Vitesse is engaged in expanding the connectivity in the insurance value chain as well as strengthening its payment network.
Upon the completion of the investment, KKR tech growth team managing director Patrick Devine will join Vitesse’s board of directors.
The investment is contingent upon customary regulatory approvals.
Devine said: “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.
“We are excited to partner with this proven management team to support Vitesse’s ambition of providing global insurers with unparalleled control, transparency, and efficiency for the holding and management of funds.”
