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Vitesse, a Payments and Treasury Management Platform for Insurers, Raises $93 Million to Fuel U.S. Expansion




Vitesse co-founder and CEO Phil McGriskin

British fintech Speed has closed a $93 million Series C funding round led by investment giant KKR.

KKR said it is making the investment through its Next Generation Technology Growth Fund III, a $3 billion fund it closed last year.

Founded in London in 2013, Vitesse is the handiwork of Paul Townsend And Phil McGriskinwhich had sold an e-commerce payments company called Envoy to WorldPay back in 2011.

Vitesse targets insurance companies with an all-in-one treasury and payment management platform, packed with connections to a network of clearing systems designed to streamline international payments. The platform provides easy access to domestic banking services to remove the friction from cross-border payments, as well as services such as liquidity management, cash flow forecasting and real-time visibility into cash positions across numerous accounts and currencies.

Vitesse had raised an $8.4 million Series A round in 2020, followed by a $26 million Series B round two years later. With another $93 million in the bank, the company says it is redoubling its U.S. expansion efforts, bolstered by the appointment of a banking veteran. Short Hesswhich will lead growth in the United States.

In addition to main backer KKR, Vitesse’s Series C round was participated by existing investors Hoxton Ventures, Octopus Ventures and Hannover Digital Investments.