Vitesse Raises US$93m in Series C Funding Round Led by KKR

The substantial investment will significantly improve Vitesse's expansion efforts
The substantial investment will significantly improve Vitesse's expansion efforts
The leading insurance payment solutions provider completes US$93m Series C funding, and welcome new board members Patrick Devine and Curt Hess

Vitesse, a leading treasury and payment solutions provider for the insurance industry, has announced the completion of a US$93M Series C funding round. The round was led by the prominent global investment firm KKR, with participation from existing investors, including Hannover Digital Investments.

The substantial investment will significantly improve Vitesse's expansion efforts, particularly in the US market. As part of the funding deal, Patrick Devine, Managing Director in KKR’s Tech Growth team, will join the board of directors, bringing valuable expertise and strategic oversight to the company.

Vitesse also announced the appointment of Curt Hess as Executive President in the US. Curt, who has over 15 years of experience in banking and fintech, most recently served as Chief Operating Officer and Chief Financial Officer at 10x Banking. His extensive background, including a decade at Barclays where he last held the position of Chief Executive Officer of Barclays US Consumer Bank, positions him well to oversee Vitesse's growth in the US.

Curt Hess, US Executive President at Vitesse

Curt Hess Joins as US Executive President

Curt Hess, US Executive President at Vitesse, says: “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.”

Founded in 2014 by payment industry entrepreneurs Phillip McGriskin and Paul Townsend, Vitesse provides a payments and treasury platform tailored for the insurance industry. The platform offers market participants total visibility and control over their claims, enabling real-time management and capital safeguarding. This innovation replaces time-consuming manual processes associated with claims payments and reconciliations.

Vitesse’s integrated global payments network allows claims administrators and delegated authorities to deliver an exceptional customer experience. With 177 employees, Vitesse is headquartered in London and serves customers across Europe while expanding rapidly in the US, a key growth market. The new funding will support Vitesse in enhancing its product development, expanding connectivity in the insurance value chain, and broadening its extensive payment network. Phillip McGriskin, Co-founder and CEO of Vitesse, expressed his excitement about the new phase of growth, highlighting the strong investor confidence in their mission to revolutionize payment and treasury management in the global insurance market: 

Phillip McGriskin comments: “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 capitalize on their team’s strong industry expertise. As we continue to grow our presence in the US, I’m particularly excited about Curt joining the Vitesse family, who brings significant knowledge and expertise to support us on this dynamic growth journey.”

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

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

KKR has also established a proven track record of supporting technology-focused growth companies, having invested over US$21.6 billion in related investments since 2014 and built a global team of more than 35 investment professionals with deep technology growth equity expertise. The firm has executed 40 transactions as part of its tech growth strategy, including DarkTrace, KnowBe4, o9 Solutions, Onestream, OutSystems, NetSPI and ReliaQuest.

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