Vitesse Secures $93M in Series C Funding Led by KKR, Appoints Curt Hess as US Executive President
May 21 2024 - 3:00AM
Business Wire
- 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
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.
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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
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