London-based insurtech Vitesse has secured a new $93m (£73.2m) funding round to support its product development and expansion in the US.
The Series C round was led by Wall Street private equity giant KKR, with involvement from existing investors including Hannover Digital Investments.
Vitesse did not disclose at what valuation it had raised the money.
The firm was founded in 2014 and has 177 employees. It provides treasury and payment solutions for insurance companies across Europe and is expanding elsewhere.
Vitesse announced on Tuesday that it had appointed Curt Hess, formerly chief executive of Barclays’ US consumer bank, as an executive president to oversee its growth in the country.
Phillip McGriskin, Vitesse’s co-founder and CEO, said on Tuesday: “This latest funding is a strong testament to the confidence our investors have in our mission to revolutionise payment and treasury management in the global insurance market.”
Patrick Devine, a managing director in KKR’s tech growth unit, is set to join Vitesse’s board following the investment. He said KKR saw “a real market opportunity for Vitesse to disrupt and add significant value to the industry”.
The news comes amid hopes for a rebound in UK fintech funding after a torrid 2023 that saw investment in the sector drop more than a third from the previous year, according to KPMG.
Fintech valuations broadly peaked in 2021, with the sector since struggling with interest rate hikes and higher funding costs that have stymied investment.
However, this year has already seen digital bank Monzo land $610m (£490m) in new funding and savings platform Flagstone secure £108m from US private equity.
KKR has made around $21.6bn (£17bn) in investments related to technology-focused growth companies, including Darktrace, over the last decade.