Vitesse PSP, a London based global payment liquidity and treasury management platform, has raised $26m (£19m) in a Series B funding round.
The funding was led by Prime Ventures, along with investment from Octopus Ventures, which previously led the Series A funding round for the company back in 2020.
In addition, Hannover Digital Investments and angel investors including former Worldpay CEO Ron Kalifa and CEO of Mollie Shane Happach, also participated.
Vitesse provides a liquidity and treasury management platform, which is built upon a globally distributed payments network.
The company already counts several blue-chip companies within the insurance sector among its customers, including 70% of the insurers within the Lloyds of London market.
It also helps insurers digitise their operations and develop new real-time products such as parametric covers, a type of insurance contract in which a policyholder pays a set amount against the occurrence of a specific event based on its magnitude.
Some neo-insurers, such as pet insurer BoughtByMany, have adopted the startups’ platform.
Vitesse will use the latest funding to accelerate its offerings and its US and Europe expansion plans. The startup will also invest in its customer service while furthering its product development.
“Whilst Vitesse is already well-positioned in the insurance market, the sector sees over $4tn in claims settled annually and is only now adapting to more digitised ways of working, demonstrating an opportunity for Vitesse to support those looking for more integrated and efficient ways of managing liquidity and for greater capital efficiency,” said Phillip McGriskin, CEO of Vitesse.
Back in December 2021, Vitesse announced it is working with MasterCard as a network provider for enabling its Pay-to-Card solution. As per the company, it enables insurers to pay claims directly to debit and credit cards.
The fintech company previously raised £6.6m in a Series A round in September 2020.