B2B payment firm Vitesse raises £6.6m Series A

By Aisling Finn on Wednesday 12 August 2020

Digital Banking

The cash will be used to expand further across the US and continue to grow its customer base

B2B payment firm Vitesse raises £6.6m Series A
Image source: Phillip McGriskin/Vitesse

Cross-border B2B payment firm Vitesse has revealed that it has closed a £6.6m Series A funding round. 

The fintech’s latest raise was led by Octopus Ventures, which has invested in the likes of cash management app Fluidly, second-hand clothing platform Depop and staycation website Secret Escapes.  

Since its launch in 2013, Vitesse has had significant success within the insurance industry and now counts over 60 per cent of the Lloyd’s of London as customers. 

Phillip McGriskin, CEO of Vitesse, said: “Vitesse is re-defining the cross-border payments industry with the technological innovations we have developed over the past five years.” 

“We have revolutionised the way our insurance customers manage loss funds and settle claims and continue to position ourselves as the provider of choice for the insurance market.” 

To date, the fintech has processed over £2.1bn across nearly 2.3 million transactions, has given its customers direct access to more than 100 countries’ domestic payment methods and covers over 60 currencies. 

Malcolm Ferguson, partner at Octopus Ventures, added: “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.” 

The fintech says it plans to use the funds to further expand into the US market and increase its banking capabilities to help meet the needs of its rapidly expanding customer base. 

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