KKR led a $93 million Series C funding round, with participation from existing investors, including Hannover Digital Investments, for Vitesse, a treasury and payment solutions provider for the insurance industry. 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 investment will support Vitesse’s expansion efforts into the U.S., whilst enabling the company to continue to invest in product development, with a focus on expanding the connectivity in the insurance value chain and enhancing the breadth and depth of its already extensive payment network.
“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,” Phillip McGriskin, co-founder and CEO of Vitesse, said. “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. As we continue to grow our presence in the U.S., I’m particularly excited about Curt joining the Vitesse family, who brings significant knowledge and expertise to support us on this dynamic growth journey.”
“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. “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 appointed Curt Hess as executive president in the U.S. to oversee the company’s continued expansion in this market. Hess brings over 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, Hess spent over a decade with Barclays, where he held a number of positions, most recently as CEO of Barclays U.S. Consumer Bank.
“I am thrilled to join Vitesse at such an exciting time in the company’s journey,” Hess said. “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.”
KKR is making the investment in Vitesse primarily through its Next Generation Technology Growth Fund III, a fund dedicated to growth equity investment opportunities in the technology space.
