• Thu. Dec 1st, 2022

Vitesse Closes $26M in Series B Funding

Vitessethe UK-based fintech, secured $26 million in Series B funding to the company announced Thursday (February 10).

This latest round will enable the global payments, liquidity and treasury management platform to connect with the increasing digitization of the insurance sector across Europe and in the United States, the company said.

Proceeds will also be used to invest in new products and customer service as the company strives to fulfill its mission of becoming the payments partner of choice for the insurance industry.

“We have strong ambitions to grow and continue our success with a strong focus on the insurance market,” he said Phillip McGriskinVitesse CEO, in a statement.

The funding was led by Prime Ventures, a Boston-based venture and growth capital firm focused on investing in European technology startups.

In addition, Octopus Ventures, a London-based multi-stage European venture capital investor, and Hannover Digital Investments, a German investor and partner for companies specializing in digital solutions, also participated.

Other participants included existing angel investors Ron CalifaChairman of Network International, and Shane HappachCEO of Mollie, a Dutch payments company.

Vitesse said its payments network is available in 172 countries and territories and serves more than 72% of the London insurance market.

The UK has become a popular location for InsurTech companies.

Last month, the London-based InsurTech startup for cyclists launched Laka secured more than £10.6million ($12million) to further his insurance model.

Read more: UK InsurTech Laka raises $12m for eMobility solution

The dramatic growth in sales of bicycles and scooters has been fueled by the trend towards environmentally friendly modes of transport.

Also in January Zegothe UK-based commercial vehicle insurance company, announced a European expansion.

See also: InsurTech Zego plans European expansion

The company, which says it offers safe drivers up to 20% off premiums, started in the Netherlands and is expanding in France.

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