Tuesday, June 25, 2024
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Vitesse Secures $93M in Series C Funding Led by KKR, Appoints Curt Hess as US Executive President

Vitesse, a leading treasury and payment solutions provider for the insurance industry, today announced the completion of a $93M Series C funding round led by leading global investment firm, KKR, with participation from existing investors, including Hannover Digital Investments. Following the investment, which is subject to customary regulatory approvals, Patrick Devine, Managing Director in KKR’s Tech Growth team, will join the board of directors.

Vitesse also announced the appointment of Curt Hess as Executive President in the US to oversee the Company’s continued expansion in this market. Curt brings over 15 years of experience working in banking and fintech, most recently as Chief Operating Officer and Chief Financial Officer at 10x Banking. Prior to this, Curt spent over a decade with Barclays, where he held a number of positions, most recently as Chief Executive Officer of Barclays US Consumer Bank.

Founded in 2014 by payment industry entrepreneurs Phillip McGriskin and Paul Townsend, Vitesse is a payments and treasury platform for the insurance industry, providing market participants with total visibility and control over their claims. The platform enables real-time management and capital safeguarding for stakeholders across the value chain, replacing time-consuming manual processing of claims payments and reconciliations.

Through its integrated global payments network, Vitesse enables claims administrators and delegated authorities to deliver the best customer experience in claims payments. With 177 employees, Vitesse is headquartered in London and serves customers across Europe, and is expanding in the US, a significant growth market for the Company.

The investment will support Vitesse’s expansion efforts into the US, whilst enabling the Company to continue to invest in product development, with a focus on expanding the connectivity in the insurance value chain and enhancing the breadth and depth of its already extensive payment network.

Phillip McGriskin, Co-founder and CEO of Vitesse, commented: “This latest funding is a strong testament to the confidence our investors have in our mission to revolutionise payment and treasury management in the global insurance market. We are thrilled to be working with KKR as we embark on this next phase of growth and to capitalize on their team’s strong industry expertise. As we continue to grow our presence in the US, I’m particularly excited about Curt joining the Vitesse family, who brings significant knowledge and expertise to support us on this dynamic growth journey.”

Patrick Devine, Managing Director and member of KKR’s Tech Growth team, added: “The global insurance industry is a key strategic focus for KKR, and we see a real market opportunity for Vitesse to disrupt and add significant value to the industry. We are excited to partner with this proven management team to support Vitesse’s ambition of providing global insurers with unparalleled control, transparency, and efficiency for the holding and management of funds.”

Curt Hess, US Executive President at Vitesse, added: “I am thrilled to join Vitesse at such an exciting time in the Company’s journey. The Company’s vision and demonstrable ability to deliver value to the insurance marketplace, by providing clients with streamlined solutions and a competitive edge, presents an incredible global opportunity. I am excited to be a part of the next stage of the Company’s development as we focus on further expanding in the US, serving new and existing customers.”

KKR is making the investment in Vitesse primarily through its Next Generation Technology Growth Fund III, a fund dedicated to growth equity investment opportunities in the technology space.

KKR has established a proven track record of supporting technology-focused growth companies, having invested over $21.6 billion in related investments since 2014 and built a dedicated global team of more than 35 investment professionals with deep technology growth equity expertise. The firm has executed 40 transactions as part of its tech growth strategy, including DarkTrace, KnowBe4, o9 Solutions, Onestream, OutSystems, NetSPI and ReliaQuest.

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