Vitesse, a leading provider of treasury and payment solutions for the insurance industry, has raised $93 million in a Series C funding round. This significant investment aims to fuel the company’s expansion in the US market and advance its mission to revolutionize global insurance payments and treasury management.
Phillip McGriskin, Co-founder and CEO of Vitesse, expressed enthusiasm for the new funding and the partnership with KKR. He emphasized KKR’s industry expertise and the strategic value they bring to Vitesse’s growth journey. Additionally, McGriskin welcomed Curt Hess as the new US Executive President, highlighting Hess’s extensive experience in the banking and fintech sectors, particularly his previous roles as Chief Operating Officer and Chief Financial Officer at 10x Banking.
The funding round was led by KKR, a global investment firm known for its strong track record in the technology sector. Patrick Devine, Managing Director at KKR, will join Vitesse’s board of directors, pending customary regulatory approvals. Other participants in the round include several strategic investors whose identities have not been disclosed.
Founded in 2014, Vitesse has developed a comprehensive payments and treasury platform tailored for the insurance industry. The platform addresses inefficiencies in claims processing by providing real-time management and improved control over claim funds. By replacing manual, time-consuming processes associated with claims payments and reconciliations, Vitesse’s integrated global payments network empowers claims administrators and delegated authorities to deliver a more efficient claims payment experience.
The new funding will support Vitesse in achieving two main objectives: expanding its presence in the US insurance market and investing in further product development. Product development efforts will focus on strengthening connectivity across the insurance value chain and enhancing the company’s existing payment network.
Patrick Devine from KKR highlighted the significant growth potential within the insurance payments sector, expressing confidence in Vitesse’s ability to disrupt the industry and provide substantial value to insurers worldwide. Curt Hess, the newly appointed US Executive President, underscored the “incredible global opportunity” presented by Vitesse’s technology and vision, emphasizing his commitment to driving the company’s growth in the US market.
