Vitesse, a real-time cross-border payments provider, has raised £6.6 million in Series A funding. The round was led by Octopus Ventures, with participation from existing shareholders including Hoxton Ventures and other angel investors.
With cross-border B2B exports expected to increase from USD18 trillion to USD21 trillion by 2023, Vitesse aims to continue building a market-leading global domestic settlement and liquidity management system to hold funds and execute cross-border payments.
The investment will allow Vitesse to continue its rapid growth trajectory by building out sales and marketing functions and expanding its footprint in the U.S. market. It will also further strengthen the reach and speed of its banking capabilities in order to meet growing customer requirements as it expands globally.
“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,” said Malcolm Ferguson, Partner at Octopus Ventures.
Vitesse gives its customers direct access to more than 100 countries’ domestic payment networks, covering over 60 currencies. Its pioneering technology makes outbound payments faster and more reliable at a fraction of existing costs. To date, the company has processed over £2.1bn and almost 2.3 million transactions.
With a focus on delivering to customers in the insurance, payroll and corporate payment space, the business aims to solve the complexities faced by each of these verticals when managing and making payments.
“We are delighted to be working with Octopus Ventures to continue our growth path. The endorsement of one of Europe’s leading VCs provides hugely valued market validation to the work Vitesse has done and continues to do,” said Phillip McGriskin, CEO of Vitesse.
“Innovation in payments on the B2C side over the last two decades has seen the establishment of some very large, generation-defining companies. As is often the case, however, innovation on the B2B side has lagged behind, leaving significant and untapped opportunities for disruption,” added Malcolm Ferguson.