£6.6m funding for payments tech firm Vitesse
Posted on August 12, 2020 by Jonathan Symcox
Cross-border payments tech firm Vitesse has closes a £6.6 million Series A funding round.
The round was led by Octopus Ventures, with participation from existing shareholders including Hoxton Ventures and other angel investors.
FCA-regulated Vitesse operates one of the largest domestic banking and payment networks in the world, giving its customers direct access to more than 100 countries’ domestic payment networks, covering over 60 currencies.
To date, the company has processed over £2.1bn across almost 2.3m real-time transactions.
The firm says the investment will allow it to continue its rapid growth trajectory by building out sales and marketing functions and expanding its footprint in the US market.
Phillip McGriskin, CEO of Vitesse, commented: “The endorsement of one of Europe’s leading VCs provides hugely valued market validation to the work Vitesse has done and continues to do. Their crucial support will help us to keep driving company expansion and continue to transform the payments market.
“Vitesse is re-defining the cross-border payments industry with the technological innovations we have developed over the past five years. We have revolutionised the way our insurance customers manage loss funds and settle claims and continue to position ourselves as the provider of choice for the insurance market.
“We are very excited to continue to work with the market to drive change and our expansion into the US market over the next few years will aid this.”
Malcolm Ferguson, Partner at Octopus Ventures, commented: “Innovation in payments on the B2C side over the last two decades has seen the establishment of some very large, generation defining companies.
“As is often the case however, innovation on the B2B side has lagged behind, leaving significant and untapped opportunities for disruption. We are excited to have the opportunity to support a team of serial entrepreneurs with such pedigree in the payments sector on their next project.”