London domiciled Vitesse, a global insurance fintech, has completed a $93 million Series C funding round led by global investment firm, KKR, subject to customary regulatory approvals. Existing investors who participated included Hannover Digital Investments.
The investment will support Vitesse’s expansion efforts into the US, whilst enabling the firm to continue to invest in product development, with a focus on expanding the connectivity in the insurance value chain and enhancing the breadth and depth of its already extensive payment network.
KKR is investing in Vitesse primarily through its Next Generation Technology Growth Fund III, a fund dedicated to growth equity investment opportunities in the technology space.
Phillip McGriskin, Co-founder and Chief Executive Officer, Vitesse, commented: “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.”
As part of this investment, Patrick Devine, Managing Director in KKR’s Tech Growth team, will join the board of directors.
Devine added: “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.”
Vitesse has also appointed Curt Hess as the Executive President in the US to oversee the firm’s expansion in this market. Hess brings over 15 years of industry experience, most recently serving as the 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 Chief Executive Officer of Barclays US Consumer Bank.
Hess commented: “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.”
