InsurTech Firm Vitesse Closes on $26M in Series B Funding

Vitesse, the United Kingdom-based FinTech, secured $26 million in Series B funding, the company announced Thursday (Feb. 10).

This latest round will enable the global payment, liquidity and treasury management platform to connect with the growing 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 it attempts to reach its mission of becoming the payment partner of choice for the insurance industry.

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

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

In addition, there was participation from Octopus Ventures, a London multi-stage European venture capital investor, and Hannover Digital Investments, a German capital provider and partner for companies specializing in digital solutions.

Additional participants included existing angel investors Ron Kalifa, chairman of Network International, and Shane Happach, CEO of Mollie, a Dutch payments firm.

Vitesse said its payment network is available in 172 countries and territories, and serves more than 72% of London’s insurance market.

The U.K. has become a popular place for InsurTech firms.

Last month, London-based cyclist InsurTech startup Laka secured more than 10.6 million pounds ($12 million) to advance its insurance model.

Read more: UK InsurTech Laka Nets $12M for eMobility Solution

The dramatic growth in sales of bicycles and scooters has been spurred by the trend toward environmentally friendly transportation.

Also in January, Zego, the U.K.-based commercial motor vehicle insurance company, announced a a European expansion.

See also: InsurTech Zego Plans European Expansion

The company, which says it offers safe drivers as much as 20% off on premiums, has launched in the Netherlands and is expanding in France.