UK Insurtech Vitesse, a payment solutions provider for the insurance industry, has raised of a $93 mn Series C funding round led by the global investment firm KKR, with participation from existing investors, including Hannover Digital Investments.
The substantial investment will greatly enhance Vitesse’s expansion efforts, especially in the US insurance market.
Founded in 2014 by payment industry entrepreneurs Phillip McGriskin and Paul Townsend, Vitesse provides a payments and treasury platform tailored for the insurance industry.
Patrick Devine, Managing Director in KKR’s Tech Growth team, will join the board of directors as part of the funding deal, bringing valuable expertise and strategic oversight.
Vitesse appointed Curt Hess as Executive President in the US. With over 15 years of experience in banking and fintech, Hess previously served as Chief Operating Officer and Chief Financial Officer at 10x Banking.
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
Curt Hess, US Executive President at Vitesse
His extensive background, including a decade at Barclays where he was the Chief Executive Officer of Barclays US Consumer Bank, equips him well to lead Vitesse’s growth in the US (see about Global Private Equity and Venture Capital Investment).
The Vitesse’s platform provides market participants with complete visibility and control over their claims, enabling real-time management and capital protection.
This innovation streamlines the previously time-consuming manual processes of insurance claims payments and reconciliations.
Vitesse’s integrated global payments network allows claims administrators and delegated authorities to offer an exceptional customer experience.
With a team of 177 employees, Vitesse is based in London, serving customers throughout Europe and rapidly expanding into the US, a key growth market.
The new funding will help Vitesse enhance product development, expand connectivity within the insurance value chain, and broaden its extensive payment network.
Phillip McGriskin expressed excitement about this new growth phase, emphasizing the strong investor confidence in their mission to revolutionize 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
Phillip McGriskin, Co-founder and CEO of Vitesse
“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”, Phillip McGriskin comments.
KKR is investing in Vitesse through its Next Generation Technology Growth Fund III, focused on growth equity investments in technology.
Since 2014, KKR has supported technology-focused growth companies, investing over $21.6 bn in related ventures. The firm has developed a global team of over 35 investment professionals with deep expertise in technology growth equity.
As part of its tech growth strategy, KKR has executed 40 transactions, including investments in DarkTrace, KnowBe4, and o9 Solutions.
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.”
