Vitesse, a provider of treasury and payment solutions for the insurance industry, has secured $93 million in a Series C funding round. This investment will fuel the company’s expansion efforts, particularly in the US market, and accelerate its mission to revolutionise global insurance payments and treasury management.
Phillip McGriskin, Vitesse’s Co-founder and CEO, expressed his enthusiasm about the new funding and partnership with KKR. He highlighted KKR’s industry expertise and the value they bring to Vitesse’s growth journey. McGriskin also welcomed Curt Hess to the team, emphasising his experience in navigating the dynamic insurance market landscape.
Early this year, we had also reported about how Armilla AI raised $4.5M funding to make sure AI for businesses is safe with insurance protection.
Who are the investors
The funding round was led by KKR, a global investment firm with a strong track record in the technology sector. Patrick Devine, Managing Director at KKR, will join Vitesse’s board of directors following the completion of the investment (subject to customary regulatory approvals).
Vitesse also announced the appointment of Curt Hess as US Executive President. Hess brings over 15 years of experience in banking and fintech, most recently serving as Chief Operating Officer and Chief Financial Officer at 10x Banking. His expertise will be instrumental in overseeing Vitesse’s growth strategy within the US market.
What problem is the startup solving
Founded in 2014, Vitesse offers a comprehensive payments and treasury platform specifically designed for the insurance industry. Their solution aims to address inefficiencies in claims processing by providing real-time management and improved control over claim funds for all stakeholders involved.
Vitesse’s platform replaces manual, time-consuming processes associated with claims payments and reconciliations. Through its integrated global payments network, the company empowers claims administrators and delegated authorities to deliver a more efficient claims payment experience.
Focus on US expansion and product development
The recent funding will enable Vitesse to pursue two key objectives: expand its presence in the US insurance market and invest in further product development. In terms of product development, the focus will be on strengthening connectivity across the insurance value chain and expanding the company’s existing payment network.
Patrick Devine of KKR echoed McGriskin’s sentiment, acknowledging the significant growth potential within the insurance payments sector. He expressed confidence in Vitesse’s ability to disrupt the industry and deliver value to insurers worldwide. Curt Hess, the newly appointed US Executive President, emphasised the “incredible global opportunity” presented by Vitesse’s technology and vision. He expressed his dedication to supporting the company’s growth, particularly within the US market.
What do we think about the startup
Vitesse’s recent funding and leadership appointments position the company for significant growth within the insurance payments landscape. Their focus on streamlining claim processing and optimising claim funds management offers a compelling value proposition for insurers seeking to improve efficiency and enhance the customer experience.
As Vitesse expands its global reach and refines its technology platform, it will be interesting to see how they continue to reshape the insurance payments ecosystem.
