Payments fintech Vitesse raises $93m Series C funding to fuel US expansion efforts
UK-based payments fintech Vitesse has raised $93 million in a Series C funding round to support its ambitions of tapping the “significant growth market” of the USA.
Vitesse lands $93m Series C led by KKR
US investment firm KKR led the round through its Next Generation Technology Growth Fund III, with Patrick Devine, KKR’s managing director, joining Vitesse’s board of directors.
The round also saw participation from German venture capital firm Hannover Digital Investments and other existing investors. The fintech previously closed a $26 million Series B round in February 2022 after securing around $8.5 million through its Series A round in August 2020.
Founded in 2014, Vitesse provides treasury and payment solutions for the insurance industry specifically, and claims to have facilitated more than $10 billion in payouts through its payments network to date.
The fintech says it plans to use its latest funding to fuel its expansion to the USA. It also aims to boost its product development, with a focus on expanding its payments network and insurance value chain connectivity.
To lead its growth state-side, Vitesse has appointed former 10x Banking chief Curt Hess as its new US executive president. Bringing over 15 years of banking and fintech experience to his new role, Hess also previously served as CEO of Barclays’ US consumer bank and as SVP at Citi.
