Cross-border B2B payments company Vitesse has netted £6.6m in its Series A round, which was led by Octopus Ventures.
Participation also came from previous backers Hoxton Ventures and unnamed angel investors, according to a report from Crowdfund Insider.
Having closed the round, the FinTech plans to continue developing a global settlement and liquidity management system to better handle international money transfers, it said. Capital will also be used to hire additional staff for its sales and marketing teams, as well as boosting its presence in the US.
Vitesse is a settlement and liquidity management system to hold funds and deliver international payments globally by leveraging in-country processing. Its technology can be used for payroll, insurance, financial services and e-commerce.
The technology improves the control and transparency of payments and offers personalised reporting. Vitesse has supported more than £2.1bn in transactions spread across 2.3 million money transfers, the article claims.
Octopus Ventures is an active investor in the FinTech space. Earlier in the year, the firm led the £5m Series A round of tax support company TaxScouts. The startup offers a mobile app for completing tax returns and is looking to expand across Europe.
Other recent investments from Octopus Ventures include contributions to the $12.6m Series B of text-based financial advice platform Stackin’ and the £15m Series B of pay-per-mile car insurance startup By Miles.
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