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Insurtech Vitesse raises $93M for U.S. expansion

May 21, 2024
Illustration of a hundred dollar bill with Benjamin Franklin holding an umbrella.

Illustration: Aïda Amer/Axios

Vitesse, a provider of payments and treasury management tools for the insurance industry, raised $93 million in new funding led by KKR.

Why it matters: The company hired a key executive to lead its U.S. operations and will use the funding to expand its business there.

Between the lines: Curt Hess, who recently was COO and CFO at 10x Banking, has joined Vitesse as executive vice president in the U.S. and will oversee its operations there.

  • Hess previously spent more than a decade at Barclay's, where he was CEO of its U.S. Consumer Bank.

Zoom in: Existing investors Hoxton Ventures, Octopus Ventures and Hannover Digital Investments also participated in the Series C round.

  • Along with the investment, Patrick Devine, managing director of KKR's Tech Growth team, will join Vitesse's board of directors.

The bottom line: After cutting its teeth in the U.K., Vitesse is looking to the $1.5 trillion U.S. insurance market for growth.

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