Vitesse Secures $93M in Series C Funding Led by KKR

The treasury and payment solutions firm, which also announced the appointment of Curt Hess as U.S. Executive President, will use the funding for product dev and connectivity across the insurance value chain.

(Image source: Vitesse homepage.)

Vitesse (London), a provider of treasury and payment solutions to the insurance industry, has announced the completion of a $93M Series C funding round led by leading global investment firm, KKR (New York), with participation from existing investors, including Hannover Digital Investments. As part of the investment agreement, Patrick Devine, Managing Director in KKR’s Tech Growth team, will join the board of directors.

Curt Hess, Executive President, U.S., Vitesse.

Vitesse also announced the appointment of Curt Hess as Executive President in the U.S. to oversee the Company’s continued expansion in this market. Hess has over 15 years of experience working in banking and fintech, most recently as Chief Operating Officer and Chief Financial Officer at 10x Banking. Prior to this, Curt spent over a decade with Barclays, where he held a number of positions, most recently as Chief Executive Officer of Barclays US Consumer Bank.

Founded in 2014 by payment industry entrepreneurs 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, Vitesse is headquartered in London and serves customers across Europe, and is expanding in the U.S., a significant growth market for the company.

Phillip McGriskin, Co-Founder and CEO, Vitesse.

The investment will support Vitesse’s expansion efforts into the U.S., while enabling it to continue to invest in product development, with a focus on expanding the connectivity in the insurance value chain and enhancing the breadth and depth of its already extensive payment network, according to a Vitesse statement.

“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,” comments Phillip McGriskin, Co-founder and CEO, Vitesse. “We are thrilled to be working with KKR as we embark on this next phase of growth and to capitalize on their team’s strong industry expertise. As we continue to grow our presence in the U.S., I’m particularly excited about Curt joining the Vitesse family, who brings significant knowledge and expertise to support us on this dynamic growth journey.”

Opportunity to Disrupt and Add Value

Patrick Devine, Managing Director, KKR.

“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,” says Patrick Devine, Managing Director and member of KKR’s Tech Growth team. “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.”

Curt Hess, U.S. Executive President at Vitesse, comments, “I am thrilled to join Vitesse at such an exciting time in the Company’s journey. The Company’s vision and demonstrable ability to deliver value to the insurance marketplace, by providing clients with streamlined solutions and a competitive edge, presents an incredible global opportunity. I am excited to be a part of the next stage of the Company’s development as we focus on further expanding in the US, serving new and existing customers.”

KKR is making the investment in Vitesse primarily through its Next Generation Technology Growth Fund III, a fund dedicated to growth equity investment opportunities in the technology space.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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