London- and Berlin-based Vitt, which claims to be a one-stop cash management solution for startups has raised €1 million in financing. The round was led by Better Tomorrow and Speedinvest (which backed Fiat Republic and Milano Vice). In addition to the funding, N26 founder Max Tayenthal joined the round for Vitt. Last year, the company raised a $15 million investment to emerge from stealth.
This brings the total raised to $16 million in equity and debt. Vitt will use the investment to scale its new treasury product across the UK. This platform is designed to help startups both diversify and earn a return on their idle cash.
Launch of Vitt Treasury
The fintech startup was founded by Gregory Janik and Saket Kumar in 2020. Now, it has launched a Treasury product featuring Money Market Funds. Vitt’s new product allows customers to earn up to 5.07%. Assets are held solely with an FCA-regulated custodian, meaning the assets are safely held by an established third party.
While treasury solutions already exist for established companies, startups that have raised cash are missing out on millions of pounds in interest that could be used to drive growth, extend their runway, and expand their teams. Applying for a Vitt Treasury account takes under 15 minutes.
Vitt has been growing over 15% week on week for the past 3 months and has already helped startups that have raised hundreds of millions in financing to manage their money. After 2 years in operation, Customers such as nPlan, who raised $18.5 million from GV in 2021 have been using Vitt since the product beta earlier this year.
“Given the market appetite, existing investors were excited to double down and we selectively added value-add angels such as Max. We have both customers managing thousands and those managing millions. It is incredibly rewarding to be able to serve founders across their journey,” said Saket Kumar, CEO of Vitt.
Dev Amratia, CEO of nPlan said: “Vitt’s Treasury product was a no-brainer for us – putting our cash to work with an institution I know while earning enough cash to extend runway meaningfully just made sense.”
Alice Bentinck, Co-founder of Entrepreneur First said: “Metro Bank serves as a reminder to startups: you need to be smart with your cash. By giving access to Money Market Funds, Vitt lets you reduce risk by diversifying your cash so you can get back to what’s important: building your company.”
Olga Shikhantsova, Partner at Speedinvest said: “We’re excited to continue to partner with Vitt – while Fintechs offering high-yield savings products exist in the US, Europe remains fertile ground with an active venture ecosystem. With the collapse of SVB, Vitt has launched a product with a clear why now that sets itself apart from incumbents.”
