UK-based FinTech Vitesse has secured $26 million in Series B funding, the company announced on Thursday (February 10th).
This latest round will allow the global payment, liquidity and treasury management platform to connect with the growing digitalization of the insurance industry in Europe and the United States, the company said.
The proceeds will also be used to invest in new products and customer services as it strives to achieve its mission of becoming the payment 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,” Speed CEO Phillip McGriskin said in a statement.
The funding was led by Prime Ventures, a Boston-based venture capital and growth capital firm that focuses on investing in European tech startups.
In addition, there was participation from Octopus Ventures, a European multi-stage venture capital investor from London, and Hannover Digital Investments, a German capital provider and partner to companies specializing in digital solutions.
Other attendees included existing angel investors Ron Kalifa, chairman of Network International, and Shane Happach, CEO of Mollie, a Dutch payments company.
Vitesse said its payment 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, London-based cycling startup InsurTech 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 towards environmentally friendly transport.
Also in January, Zego, the UK-based commercial motor insurance company, announced a European expansion.
See also: InsurTech Zego plans European expansion
The company, which claims to offer safe drivers up to 20% off premiums, was launched in the Netherlands and is expanding into France.