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Vitesse PSP secures US$26mn in series B Funding Round

UK insurtech Vitesse PSP will use the funds to drive their digitalisation strategy forwards in 2022 as they extend their marketplace presence

Vitesse PSP IS A UK based insurtech which has secured US$26mn in capital in their funding drive in its latest Series B. The technology of the company is currently serves as the backbone to the financial infrastructure that runs throughout the value chain and for many corporates who use Vitesse faster and more cost effective payments. 

Vitesse digital strategy in the insurtech ecosystem 

The funding round was led by prime ventures, with the help pf Octopus Venture and Hannover Digital Investment. Vitesse enables the new funding to tap into the growing into digital world of insurance in Europe and the US. 

Octopus Venture is a investors which lead in the 2020 Series A and the funding round one in Europe’s largest and most active venture in Capital market. 

The other participants included  existing angel investors such as Ron Kalifa, OBE, former Worldpay CEO and author of the Kalifa Review, and Shane Happach, CEO of Mollie, the Dutch payments unicorn.

Vitesse’s marketplace offerings in insurtech 

They currently serves and established blue chip companies within insurance sector. There is more then 70% to the insurers within the Lloyds of the London market, supporting insurers to digitise and develop exciting new “real-time” products like parametric covers. 

Vitesse will continue to invest and product offering the customer service, helping the firm to realise the vision of becoming the payment partner of choice fir insurance.

Vitesse investors and insurtech growth Philip McGriskin CEO of Vitesse said, “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.”

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