Series A1 July 2020

Vitesse secures £6.6m in Series A funding led by Octopus Ventures to scale international operations.

The Series A round was led by Octopus Ventures with participation from Hoxton Ventures and angel investors.

£6.6MSeries A

Vitesse provides integrated treasury and payment solutions tailored for the global insurance industry. Its platform offers real-time visibility, capital safeguarding, and automated claims processing.

Vitesse has secured £6.6m in Series A funding to expand its international reach and accelerate product development. The round was led by Octopus Ventures, with continued support from existing investor Hoxton Ventures alongside several angel backers. The company intends to direct the capital toward scaling its sales and marketing operations, while also building its presence in the United States market.

Operating as an FCA-regulated entity, Vitesse manages a vast domestic banking and payment network spanning over 100 countries and 60 currencies. The firm has achieved notable traction within the insurance sector, providing loss fund management and real-time claims settlement tools utilized across a significant portion of the Lloyd's of London market. This latest capital infusion will enable the fintech provider to further enhance its banking capabilities and infrastructure as global demand scales.

From the founder

"We are delighted to be working with Octopus Ventures to continue our growth path. The endorsement of one of Europe’s leading VCs provides hugely valued market validation to the work Vitesse has done and continues to do. Their crucial support will help us to keep drivingcompany expansion and continue to transform the payments market."

Phillip McGriskin

Co-founder and CEO at Vitesse

Investor perspective

"Innovation in payments on the B2C side over the last two decades has seen the establishment of some very large, generation defining companies. As is often the case however, innovation on the B2B side has lagged behind, leaving significant and untapped opportunities for disruption. We are excited to have the opportunity to support a team of serial entrepreneurs with such pedigree in the payments sector on their next project. Vitesse has already demonstrated impressive product-market fit in the insurance and payroll verticals – we believe they have only just scratched the surface."