UK Fintech Vitesse raises $26m with participation from Hannover Digital Investments
Vitesse PSP, the London-based fintech specializing in digital solutions for global payments and which counts many insurers among its customers, announced that it has raised $26 million in Series B funding.
The Series B funding, which was led by Prime Ventures, also includes investments from Hannover Digital Investments (HDInv), the enterprise venture capital fund of insurer HDI Group, and Octopus Ventures, which has led the 2020 Series A funding round and is one of the most active venture capitalists.
Proceeds from the round will be used to support and accelerate Vitesse’s global growth and expansion program across Europe and the United States
Global payments can be processed more cost-effectively, faster and easier with Vitesse’s system that allows businesses to pay domestically in 109 currencies to 172 countries, HDInv said in a statement. Customers also get real-time insight into their finances and transactions. Additionally, Vitesse provides a cash management platform for insurers, enabling greater capital efficiency and liquidity management.
Vitesse explained that its technology serves as the backbone of the financial infrastructure that spans the entire insurance value chain, as well as many businesses that use Vitesse for faster, more cost-effective payments. . Its liquidity and cash management platform is powered by a globally distributed payments network providing control and transparency as well as improved capital efficiency and additional investment returns for its clients.
“Vetelé brings great value to insurers and their customers when it comes to improving the speed, control and transparency of payments and centralizing claims payments. We see great potential for Vitesse to become the online payment partner of choice for insurers,” said Ulrich Wallin, Managing Director of HDInv.
“We are delighted to have our new investors on board. We have strong growth ambitions, particularly in the US and in the insurance market which we believe is still untapped and has yet to be digitally revolutionized,” said Vitesse CEO Phillip McGriskin. . Apart from the United States, the company also wants to expand in Europe through the financing.
Vitesse already serves many blue-chip companies established in the insurance industry, including over 70% of insurers in the Lloyds of London market, helping insurers to digitize their operations and develop new ‘real-time’ products like parametric coverages. Vitesse’s platform is also rapidly being adopted by neo-insurers such as BoughtByMany pet insurance.
Other participants in the funding round include existing angel investors and industry heavyweights such as Ron Kalifa, former CEO of Worldpay and author of the Kalifa Review, and Shane Happach, CEO of Mollie, the Dutch payments unicorn. .
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