Vitesse Secures $93M in Series C Funding Led by KKR, Appoints Curt Hess as US Executive President

Rhea-AI Summary

Vitesse has secured $93M in Series C funding led by KKR, with participation from existing investors such as Hannover Digital Investments. This new funding will support product development and enhance connectivity across the insurance value chain, accelerating Vitesse's mission to revolutionize global payments and treasury management.

Additionally, Curt Hess has been appointed as US Executive President, bringing extensive experience from his prior roles at 10x Banking and Barclays. This move signifies Vitesse's commitment to expanding in the US market. With a team of 177 employees, Vitesse aims to enhance its global payments network, providing real-time management and capital safeguarding for stakeholders in the insurance industry.

The investment will also see Patrick Devine from KKR joining Vitesse's board of directors. KKR's investment is made through its Next Generation Technology Growth Fund III, reflecting their strategic focus on the global insurance industry.

Positive

• Secured $93M in Series C funding led by KKR, supporting product development and expansion.
• Appointment of Curt Hess as US Executive President, bringing substantial expertise from 10x Banking and Barclays.
• Patrick Devine from KKR to join Vitesse's board of directors, adding strategic insights.
• Vitesse aims to enhance connectivity in the insurance value chain and improve global payments network.
• KKR's Next Generation Technology Growth Fund III investment highlights confidence in Vitesse's growth prospects.
• Vitesse's mission to revolutionize global payments and treasury management in the insurance industry.

Negative

• Funding subject to customary regulatory approvals, which may delay deployment.
• Significant emphasis on US market expansion could divert resources from other regions.
• Potential dilution of existing shareholders due to new funding round.
• Increased competition in fintech and insurance sectors may challenge Vitesse's growth projections.

- New funding supports product development and enhances connectivity across the insurance value chain, accelerating Vitesse’s mission to revolutionize global payments and treasury management

- Appointment of Curt Hess as US Executive President solidifies Vitesse’s commitment to the US market

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

Vitesse also announced the appointment of Curt Hess as Executive President in the US to oversee the Company's continued expansion in this market. Curt 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, Curt spent over a decade with Barclays, where he held a number of positions, most recently as Chief Executive Officer of Barclays US Consumer Bank.

Founded in 2014 by payment industry entrepreneurs Phillip McGriskin and Paul Townsend, Vitesse is a payments and treasury platform for the insurance industry, providing market participants with total visibility and control over their claims. The platform enables real-time management and capital safeguarding for stakeholders across the value chain, replacing time-consuming manual processing of claims payments and reconciliations. Through its integrated global payments network, Vitesse enables claims administrators and delegated authorities to deliver the best customer experience in claims payments. With 177 employees, Vitesse is headquartered in London and serves customers across Europe, and is expanding in the US, a significant growth market for the Company.

The investment will support Vitesse’s expansion efforts into the US, 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.

Phillip McGriskin, Co-founder and CEO of Vitesse, commented: “This latest funding is a strong testament to the confidence our investors have in our mission to revolutionise payment and treasury management in the global insurance market. 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 US, I’m particularly excited about Curt joining the Vitesse family, who brings significant knowledge and expertise to support us on this dynamic growth journey.”

Patrick Devine, Managing Director and member of KKR’s Tech Growth team, added: “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. 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.”

Curt Hess, US Executive President at Vitesse, added: “I am thrilled to join Vitesse at such an exciting time in the Company’s journey. 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 US, 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.

KKR has established a proven track record of supporting technology-focused growth companies, having invested over $21.6 billion in related investments since 2014 and built a dedicated global team of more than 35 investment professionals with deep technology growth equity expertise. The firm has executed 40 transactions as part of its tech growth strategy, including DarkTrace, KnowBe4, o9 Solutions, Onestream, OutSystems, NetSPI and ReliaQuest.

About Vitesse

Vitesse is an integrated treasury and payment service provider crafted for the insurance sector. Its award-winning global payment network ensures fast and full-value payouts to claimants and has facilitated more than $10 billion across 200+ countries and currencies. With services that optimise claim funds and expedite claim payments, Vitesse has brought back hundreds of millions of claim funds to insurers' balance sheets and helped MGAs and TPAs streamline their claim funds management and disbursements to claimants.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKRs website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240521904378/en/

Vitesse

Rostrum

Jack Dixon

T: +44 07817200045

E: vitesse@rostrum.agency

KKR

FGS Global

Alastair Elwen

T: +44 20 7251 3801

E: KKR-Lon@FGSGlobal.com

Source: KKR

FAQ

What recent funding did Vitesse secure?

Vitesse secured $93M in Series C funding led by KKR.

Who led the Series C funding for Vitesse?

KKR led the $93M Series C funding for Vitesse.

What is the purpose of Vitesse's new funding?

The new funding supports product development and enhances connectivity across the insurance value chain.

Who has been appointed as US Executive President of Vitesse?

Curt Hess has been appointed as US Executive President of Vitesse.

What will Curt Hess bring to Vitesse?

Curt Hess brings over 15 years of experience in banking and fintech, previously serving as COO and CFO at 10x Banking.

What strategic focus does KKR have in supporting Vitesse?

KKR focuses on the global insurance industry, seeing significant market opportunities for Vitesse to disrupt and add value.

Which KKR fund is making the investment in Vitesse?

KKR is making the investment through its Next Generation Technology Growth Fund III.

How many employees does Vitesse currently have?

Vitesse currently has 177 employees.

What is Vitesse's mission?

Vitesse's mission is to revolutionize global payments and treasury management in the insurance industry.