Vitesse PSP, a global payment, liquidity and treasury management platform, has announced raising $26 million in a Series B funding round. The funds raised will be directed towards expanding the company’s insurance services in the US and Europe.
Vitesse PSP raises $26M in a Series B funding round
The Series B funding round was led by Prime Ventures. It also saw participation from other venture capital firms such as Octopus Ventures and Hannover Digital Investments. Vitesse PSP held a Series A funding round in 2020, led by Octopus Ventures.
In the announcement, Vitesse stated that the firm had partnered with some of the largest insurance firms. The firm also added that part of the raised funds would boost its product offerings and customer service.
The CEO of Vitesse, Phillip McGriskin, commented on this development, saying, “We are thrilled to have our new investors on board. The Vitesse team has built an incredibly strong and highly regulated platform, supported by our own global payment network and treasury capability, and we have successfully shown the value of these assets to our fast-expanding customer base. We have strong ambitions to grow and to continue our success with a strong focus on the insurance market.”
Expanding services to the insurance sector
McGriskin further added that the insurance sector had recorded a rise in the demand for digital tools. During the past year, more than $4 trillion worth of claims had been settled, representing the huge size of this sector. The fintech wants to come to the insurance sector by adopting innovative technology solutions to fuel growth.
“We believe the value-add of Vitesse is immense. With annual claims volumes and related funding in the trillions of dollars, it provides a platform for real-time insights and full control over those accounts. The insurance landscape is complex, but finance connects it all. As such, the company is well-positioned to claim an important place in this critical infrastructure required for the much-needed digitization in insurance,” said Thijs Emondts, an executive at Prime Ventures.