Vitesse, the London-based fintech that uses real-time cross-border payments for organisations, has actually raised ₤ 6.6 million in Series A financing. The round is led by Octopus Ventures, with participation from existing backers, including Hoxton Ventures and numerous angel financiers.
The business says the brand-new investment will be utilized for growth, including building out its sales and marketing functions, and expanding Vitesse’s footprint in the U.S. market. It will likewise further buy the “reach and speed” of its banking abilities in order to fulfill client demand as the fintech expands internationally.
Founded in 2014 by Phillip McGriskin and Paul Townsend, who offered their previous fintech to < a class="crunchbase-link"href="https://crunchbase.com/organization/worldpay"target="_ blank “data-type=”company”data-entity=”worldpay” > Worldpay, Vitesse runs a global banking and payment network. This sees it able to offer clients with direct access to the domestic payment networks of more than 100 countries in over 60 currencies.
It currently targets services in the insurance, payroll and corporate payment area that want to simplify their liquidity management and easily make cross-border payments. Existing customers include Brit Insurance, DXC Technology and Gett. To date, Vitesse has processed more than ₤ 2.1 billion throughout practically 2.3 million deals.
“Cross-border payments are still mostly ineffective, particularly for companies,” describes McGriskin. “They can be sluggish and pricey, and tracking and reconciling them and keeping certified in a constantly moving regulative environment can prove challenging.”
To treat this, Vitesse’s banking network supplies access to multiple domestic banking services so that companies can make payments to other companies and their clients in the “fastest, and the majority of economical way.” In addition, they acquire greater transparency through things like real-time reporting.
Over on Extra Crunch, early Vitesse backer Hoxton Ventures assess Europe’s early-stage landscape.
“We are essentially running an internationally dispersed, local banking network to make payments so our consumers don’t have to do it themselves,” states McGriskin. “And then we supply a customer-specific view so they can handle their funds most successfully, providing suitable views right across their company. It conserves them a great deal of money and time and operational expense.”
In the verticals it presently runs, the fintech usually takes on banks, which, on the other hand, it likewise partners with to access to those domestic payments networks and to tailor its services to consumers.
Explains McGriskin: “The greatest distinction between us and the banks is technology. We have the ability to use our innovation to provide real-time services with flexible and extremely rich reporting for our clients. And we can be nimble. We prefer to work with the banks to optimise services for our clients.”
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.