Vitesse, a leading treasury and payment solutions provider for the insurance industry, announced today the completion of a $93 million Series C funding round led by KKR, with participation from existing investors, including Hannover Digital Investments. Following the funding round, subject to customary regulatory approvals, Patrick Devine, Managing Director of KKR’s Tech Growth team, will join the board of directors.
Vitesse also revealed the appointment of Curt Hess as Executive President in the US to oversee the company’s continued expansion in this market. Hess brings over 15 years of experience working in banking and fintech, most recently as Chief Operating Officer and Chief Financial Officer at 10x Banking. Before this, Hess spent over a decade with Barclays, where he held several positions, most recently as CEO of Barclays US Consumer Bank.
Launched 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. And 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.
With an 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 based in London, serves customers across Europe, and is expanding in the US, a significant growth market for the company.
The funding will support Vitesse’s expansion efforts into the US while also enabling the company to continue investing in product development. The company will focus on expanding connectivity in the insurance value chain and enhancing the depth of its already extensive payment network.
KKR is investing primarily in Vitesse through its Next Generation Technology Growth Fund III, a fund dedicated to growth equity investment opportunities in technology. And KKR has established a proven track record of supporting technology-focused growth companies, having invested over $21.6 billion in related investments since 2014 and built a dedicated global team of over 35 investment professionals with deep technology growth equity expertise. The firm has also executed 40 transactions in its tech growth strategy, such as DarkTrace, KnowBe4, o9 Solutions, Onestream, OutSystems, NetSPI, and ReliaQuest.
KEY QUOTES:
“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.”
– Phillip McGriskin, Co-founder and CEO of Vitesse
“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.”
– Patrick Devine, Managing Director and member of KKR’s Tech Growth
“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.”
– Curt Hess, US Executive President at Vitesse
