Vitesse secures $93 million in funding and appoints Curt Hess US Executive President
The Series C funding led by KKR is expected to support product development and enhance connectivity across the insurance value chain
Vitesse, a treasury and payment solutions provider, has announced the completion of a US$93 million Series C funding round led by 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. Hess 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, Hess spent over a decade with Barclays, where he held a number of positions, most recently as Chief Executive Officer of Barclays US Consumer Bank.
Phillip McGriskin, Co-Founder and CEO of Vitesse, commented: “We are thrilled to be working with KKR as we embark on this next phase of growth and to capitalise 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.”
Hess added: “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.
Last year, Insurance Director at Vitesse Dan Andrews spoke to ITIJ about new technology and how the industry is changing.