- Funding round led by Prime Ventures, with participation from Octopus
- Ventures and Hannover Digital Investments
- The new funding will enable Vitesse to tap into the growing digitisation of the
- insurance market in Europe and the US
The Series B funding also includes investments from Octopus Ventures, who lead the 2020 Series A funding round and are one of Europe’s largest and most active venture capital investors as well as Hannover Digital Investments, the corporate venture capital fund of HDI Group, one of Europe’s largest insurance companies. Additional participants include existing angel investors and industry heavyweights such as 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.
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 be used to support and accelerate Vitesse’s growth and continued global expansion programme across Europe and the US. Vitesse will continue to invest in its product offering and customer service, helping the firm to realise its vision of becoming the payment partner of choice for the insurance industry.
Phillip McGriskin, CEO of Vitesse said: “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. We have strong ambitions to grow and to continue our success with a strong focus on the insurance market.
