Fintech company Vitesse has received $93 million in investment. The company’s C series investment round was led by KKR. The UK-based company’s investment round included Next Generation Technology Growth Fund III, Hoxton Ventures, Octopus Ventures and Hannover Digital Investments. Vitesse announced that it will use the investment to grow in the US market.
Founded in 2013 by Paul Townsend and Phil McGriskin, the company is described as a financial technology startup for insurance companies. The two entrepreneurs had sold their e-commerce payment company Envoy to WorldPay in 2011.
The platform developed by the company aims to facilitate payment transactions and financial management of insurance companies. It also provides companies with access to financial tools such as liquidity management and cash flow forecasting. Thus, insurance companies can manage their financial transactions more effectively. It increases their financial efficiency.
As is known, international payments are often complex and costly. Vitesse provides a significant advantage to insurance companies by facilitating this process and reducing costs.
On the one hand, the insurance industry has undergone a major change. Insurance companies have overcome the challenges brought by the Covid-19 pandemic. At this point, the insurance industry has become increasingly competitive. Vitesse performs critical functions in the insurance industry, such as optimizing financial operations and facilitating international payments.
