Vitesse provides an all-in-one treasury and payment management platform aimed at insurance companies. Its product connects to a network of clearing systems to streamline international payments and gives access to domestic banking services to reduce cross-border friction. The platform also offers liquidity management, cash-flow forecasting, and real-time visibility into cash positions across accounts and currencies. Founded out of London in 2013 by Paul Townsend and Phil McGriskin, the company was created after the founders sold an e-commerce payments business to WorldPay. With the new funding, Vitesse plans to accelerate U.S. expansion and has appointed banking veteran Curt Hess to lead growth stateside. Financially, the company has completed prior financings and now adds a $93M Series C to its balance sheet. Vitesse PSP provides a liquidity and treasury management platform built on a globally distributed payments network that enables insurers and other customers to manage liquidity and settle claims in real time. The platform helps insurers digitise operations and develop new real-time products such as parametric covers. Vitesse counts several blue-chip insurance customers, including 70% of the insurers within the Lloyds of London market, and neo-insurer BoughtByMany as a user. The company announced a partnership with Mastercard in December 2021 to enable a Pay-to-Card solution for paying claims directly to debit and credit cards. Vitesse will use the new funding to accelerate its product development, invest in customer service, and expand in the US and Europe. CEO Phillip McGriskin framed the opportunity against a larger market where the insurance sector sees over $4tn in claims settled annually. Vitesse provides real-time cross-border payments to businesses via a globally distributed banking and payment network. Founded in 2014 by Phillip McGriskin and Paul Townsend and based in London, it gives customers direct access to domestic payment networks in more than 100 countries and over 60 currencies. The company targets insurance, payroll and corporate payment businesses and lists Brit Insurance, DXC Technology and Gett as customers. To date Vitesse has processed more than £2.1 billion across almost 2.3 million transactions. It plans to use investment to build out sales and marketing, expand its footprint in the U.S., and further invest in the reach and speed of its banking capabilities. Vitesse competes with banks while also partnering with them, differentiating through technology that enables real-time services, rich reporting and improved liquidity management for customers.

Total raised

$127M

Funding rounds

3

Latest round

Series C

Latest activity

May 2024