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London insurtech Vitesse raises £73m for US expansion

Vitesse
Vitesse CEO Phillip McGriskin. Image credit: Vitesse

Vitesse, an integrated treasury and payment service provider for the insurance industry, has raised $93m (£73.1m) in a Series C funding round.

Founded in 2014, Vitesse’s platform is used to manage payouts to insurance claimants. The company said its tech can replace the manual claims process to expedite payments.

The London-headquartered company operates in the UK and Europe and is expanding into the US, backed by the new funding.

To oversee the expansion, Vitesse has appointed Curt Hess, former COO and CFO at 10x Banking, as executive president in the US. Hess also previously worked as CEO of Barclays US Consumer Bank.

“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,” said Vitesse CEO Phillip McGriskin.

“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.”

The Series C round was led by global investment firm KKR and included participation from existing backer Hannover Digital Investments. KKR’s Patrick Devine will join the Vitesse board of directors.

“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,” Devine said.

Vitesse previously raised $26m for its Series B round in February 2022.

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