2 minute read | May.21.2024
Vitesse, a leading treasury and payment solutions provider for the insurance industry, has completed a $93 million Series C funding round led by leading global investment firm, KKR.
Orrick advised Vitesse in the round, which also saw participation from Hannover Digital Investments and other existing investors.
The transaction is subject to regulatory approvals in relevant markets and completion of certain other conditions.
Vitesse is an integrated treasury and payment service provider crafted for the insurance sector. Its award-winning global payment network ensures fast and full-value payouts to claimants and has facilitated more than $10 billion across 200+ countries and currencies.
With services that optimise claim funds and expedite claim payments, Vitesse has brought back hundreds of millions of claim funds to insurers' balance sheets and helped MGAs and TPAs streamline their claim funds management and disbursements to claimants.
The Vitesse platform facilitates real-time management and capital safeguarding for stakeholders throughout the value chain, eliminating the need for time-consuming manual processing of claims payments and reconciliations.
Through its integrated global payments network, Vitesse empowers claims administrators and delegated authorities to provide an exceptional customer experience in claims payments.
Headquartered in London, Vitesse serves customers across Europe and is expanding into the United States, a crucial growth market for the company.
This investment will support Vitesse's expansion into the United States while allowing the company to continue to invest in product development. Vitesse will concentrate on enhancing connectivity within the insurance value chain and extending the reach of its comprehensive payment network.
“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 Phillip McGriskin, co-founder and CEO of Vitesse. “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.
Chris Grew led the Orrick team that advised Vitesse, with the assistance of Stephen Tallon, James Badge, Jason Wu, Elizabeth Gavin, Daniel Jones, Guy Stevenson, Jonathan Rosen, Anna Humphrey, David Walder, Viv Holyoake, Katy Short, Aria Kashefi, Christina Bouchot, Jeffrey Naimon, SeoJung Park, Ben Hutten and Siddharth Balani.