U.K. fintech Vitesse has successfully completed a $93 million Series C funding round led by the renowned investment firm KKR.
KKR announced that this investment is being made via its Next Generation Technology Growth Fund III, which amassed $3 billion at its closing last year.
Established in London in 2013, Vitesse was founded by Paul Townsend and Phil McGriskin, who previously sold their e-commerce payments company Envoy to WorldPay back in 2011.
Vitesse specializes in providing insurance companies with a comprehensive treasury and payment management platform. This platform features integrations with a network of clearing systems to facilitate seamless international payments. It offers straightforward access to domestic banking services, reducing friction in cross-border transactions, as well as features like liquidity management, cash-flow forecasting, and real-time visibility into cash positions across various accounts and currencies.
Previously, Vitesse secured an $8.4 million Series A round in 2020, followed by a $26 million Series B round two years later. With the recent $93 million infusion, the company aims to intensify its expansion in the U.S., bolstered by the appointment of banking expert Curt Hess, who will lead its growth efforts in the region.
In addition to the lead investor KKR, the Series C round witnessed participation from existing investors Hoxton Ventures, Octopus Ventures, and Hannover Digital Investments.
