Vitesse PSP, a global payment and treasury management platform, has scored $26m in its Series B funding round.
Prime Ventures led the round, with commitments also coming from Octopus Ventures, Hannover Digital Investments and HDI Group. Multiple angel investors also contributed to the round, including former Worldpay CEO Ron Kalifa and Mollie CEO Shane Happach.
With the capital burst, the company expects to further its global expansion initiatives across Europe and the US. It also plans to invest into its product offering and customer service.
Vitesse claims its technology acts as a backbone to the financial infrastructure that runs throughout the insurance value chain. Its liquidity and treasury management platform supports control and transparency with payments.
Currently, Vitesse’s technology is used by many blue-chip companies within insurance, including over 70% of the insurers within the Lloyds of London market.
Vitesse CEO Phillip McGriskin said, “Whilst Vitesse is already well positioned in the insurance market, the sector sees over $4tn in claims settled annually and is only now adapting to more digitised ways of working, demonstrating an opportunity for Vitesse to support those looking for more integrated and efficient ways of managing liquidity and for greater capital efficiency.
“In just over a year, we have increased payments value processed by 109% and the client funds under management by 127%, secured several significant new contracts and now, with the support of our new backers, we have even greater ambitions.”
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