London FinTech Vitesse PSP has secured £19 million in Series B funding.
The global payments platform is looking to tap into the growing digitisation of the insurance market in Europe and the US.
Led by Prime Ventures, the funding includes investments from Octopus Ventures, which led its 2020 Series A funding round; Hannover Digital Investments, the corporate venture capital fund of HDI Group, one of Europe’s largest insurance companies; Ron Kalifa OBE, former Worldpay CEO and author of the Kalifa Review; and Shane Happach, CEO of Mollie, the Dutch payments unicorn.
Vitesse’s technology serves as the backbone to the financial infrastructure that runs throughout the insurance value chain, as well as for many corporates who use Vitesse for faster, more cost-effective payments.
Its liquidity and treasury management platform is built on top of a globally distributed payments network providing control and transparency as well as improved capital efficiency and additional investment returns for its customers.
BoughtByMany among clients
Vitesse already serves many established blue-chip companies within the insurance sector, including over 70% of the insurers within the Lloyds of London market, supporting insurers to digitise their operations and develop exciting new real-time products like parametric covers.
Vitesse’s platform is also rapidly being adopted by neo-insurers such as BoughtByMany pet insurance.
Proceeds from the round will also be used to support and accelerate Vitesse’s growth and continued global expansion programme across Europe and the US.
“We are thrilled to have our new investors on board. The Vitesse team have built an incredibly strong and highly regulated platform, supported by our own global payment network and treasury capability, and we have successfully shown the value of these assets to our fast-expanding customer base,” said Phillip McGriskin, CEO.
“We have strong ambitions to grow and to continue our success with a strong focus on the insurance market.
“Whilst Vitesse is already well positioned in the insurance market, the sector sees over $4tn in claims settled annually and is only now adapting to more digitised ways of working, demonstrating an opportunity for Vitesse to support those looking for more integrated and efficient ways of managing liquidity and for greater capital efficiency.
“In just over a year, we have increased payments value processed by 109% and the client funds under management by 127%, secured several significant new contracts and now, with the support of our new backers, we have even greater ambitions.”
Thijs Emondts of Prime Ventures will join the Vitesse board.
“We believe the value-add of Vitesse is immense. With annual claims volumes and related funding in the trillions of dollars, it provides a platform for real-time insights and full control over those accounts,” he said.
“The insurance landscape is complex, but finance connects it all. As such, Vitesse is well positioned to claim an important place in this critical infrastructure required for the much-needed digitisation in insurance.
“Coupled with its experienced management team and ambitious vision, we are proud to be investing in the company. We look forward to supporting Phil and the team through their next stage of growth.”