Treasury and payments solutions for insurance firm Vitesse has completed a $93m Series C funding round.
The funding round for Vitesse was led by KKR with participation from existing investors such as Hannover Digital Investments.
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As a result, Patrick Devine, managing director at KKR, will join the Vitesse board of directors.
The funding will support Vitesse and its move and expansion into the US, while also allowing the company to continue to invest in products.
In addition, Vitesse announced the appointment of Curt Hess as executive president in the US to oversee the firm and its expansion in the region.
Phillip McGriskin, co-founder and CEO of Vitesse, said: “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 capitalise 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.”
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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, continued: “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.”
