The International payment, liquidity and treasury management platform, Vitesse PSP recently announced that it has secured $26 million in a Series B funding round. With an aim to transform the insurance market in the US and Europe, the UK-headquartered fintech is planning to expand its operations.
Prime Ventures led the Series B funding, with Octopus Ventures and Hannover Digital Investments also participating in the $26 million investment round. In 2020, Vitesse PSP closed its Series A funding round which was led by Octopus Ventures.
Vitesse mentioned that the company is already serving some of the leading names in the insurance sector. The financial technology firm aims to use the funds to enhance its product offering and improve its customer service.
“We are thrilled to have our new investors on board. The Vitesse team has built an incredibly strong and highly regulated platform, supported by our own global payment network and treasury capability, and we have successfully shown the value of these assets to our fast-expanding customer base. We have strong ambitions to grow and to continue our success with a strong focus on the insurance market,” Phillip McGriskin, the CEO of Vitesse, said.
Insurance Market
According to McGriskin, the demand for digital tools in the global insurance market is growing rapidly. He added that the sector saw more than $4 trillion in settled claims annually. Vitesse is planning to facilitate the insurance market through innovative technology-driven solutions.
“We believe the value-add of Vitesse is immense. With annual claims volumes and related funding in the trillions of dollars, it provides a platform for real-time insights and full control over those accounts. The insurance landscape is complex, but finance connects it all. As such, the company is well-positioned to claim an important place in this critical infrastructure required for the much-needed digitization in insurance,” Thijs Emondts from Prime Ventures, commented.
