Vitesse, the company providing real-time cross-border payments, today announced it 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 $18T (USD) to $21T (USD) by 2023, Vitesse aims to continue building a market-leading global domestic settlement and liquidity management system to hold funds and execute cross-boarder payments.
Vitesse’s technology makes outbound payments faster and more reliable at a fraction of existing costs. To date, the company has processed over £2.1bn across almost 2.3 million transactions.
The £6.6 million 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.
Phillip McGriskin, CEO of Vitesse, comments: “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. Their crucial support will help us to keep driving company expansion and continue to transform the payments market.”
Malcolm Ferguson, Partner at Octopus Ventures, comments: “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. 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.”