Vitesse, a treasury and payment solutions provider for the insurance industry, announced the completion of a $93M Series C funding round led by global investment firm, KKR, with participation from existing investors, including Hannover Digital Investments.

“This latest funding is a strong testament to the confidence our investors have in our mission to revolutionize payment and treasury management in the global insurance market,” said Phillip McGriskin, co-founder and CEO of Vitesse, in a company press release. “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.”

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.

“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,” Devine said in the release. “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.”

Vitesse also announced the appointment of Curt Hess as executive president in the U.S. to oversee the company’s continued expansion in this market.

“I am thrilled to join Vitesse at such an exciting time in the company’s journey,” Hess said in the release. “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 U.S., serving new and existing customers.”

Hess brings more than 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, he spent more than a decade with Barclays, where he held a number of positions, most recently as CEO of Barclays US Consumer Bank.

Founded in 2014 by payment industry entrepreneurs McGriskin and Paul Townsend, Vitesse is a payments and treasury platform for the insurance industry that aims to provide market participants with visibility and control over their claims. The platform enables real-time management and capital safeguarding for stakeholders across the value chain.

Vitesse is headquartered in London, where it serves customers across Europe, and is expanding in the U.S. The investment will support Vitesse’s expansion efforts into the U.S. while enabling the company to continue to invest in product development with a focus on expanding connectivity in the insurance value chain and enhancing the breadth of its payment network.

Source: Vitesse