After the investment, which is contingent to usual regulatory approvals, KKR's Tech Growth team Managing Director Patrick Devine will become a member of the board of directors.

In order to manage the company's ongoing growth in this region, Vitesse recently announced the appointment of Curt Hess as Executive President in the US. Having worked in banking and fintech for more than 15 years, Curt most recently held the positions of Chief Financial Officer and Chief Operating Officer at 10x Banking. Curt worked with Barclays for more than ten years, holding a variety of positions, the most recent of which was Chief Executive Officer of Barclays US Consumer Bank.

Vitesse, a payments and treasury platform for the insurance industry, was founded in 2014 by businessmen Phillip McGriskin and Paul Townsend. It gives market players complete insight and control over their claims. The technology replaces laborious manual processing of claims payments and reconciliations, enabling real-time management and capital protection for stakeholders across the value chain.

Vitesse offers the greatest customer experience in claims payments to claims administrators and delegated authorities through its integrated global payments network. Vitesse, which employs 177 people, has its headquarters in London, services clients throughout Europe, and is currently growing in the US, which is a key area of growth for the business.

The investment will help Vitesse in its efforts to grow into the US market and will also allow the company to keep spending money on new product development, with an emphasis on deepening and broadening its already vast payment network and increasing the connection inside the insurance value chain.

"This latest funding is a strong testament to the confidence our investors have in our mission to revolutionize payment and treasury management in the global insurance market," said Phillip McGriskin, co-founder and CEO of Vitesse. We are excited to collaborate with KKR on this next stage of our expansion and to benefit from their team's extensive industry knowledge.I'm very happy that Curt has joined the Vitesse family as we expand our presence in the US. He brings a wealth of knowledge and experience that will help us on this exciting road of rapid expansion.

"The global insurance industry is a key strategic focus for KKR, and we see a real market opportunity for Vitesse to disrupt and add significant value to the industry," stated Patrick Devine, Managing Director and member of KKR's Tech Growth team. In order to help Vitesse achieve its goal of giving international insurers unmatched control, transparency, and efficiency for the holding and management of funds, we are thrilled to collaborate with this experienced management team.

Also saying, "I am thrilled to join Vitesse at such an exciting time in the Company's journey," is Curt Hess, Executive President of Vitesse in the US. An amazing worldwide potential is presented by the company's vision and proven ability to provide value to the insurance business by giving clients streamlined solutions and a competitive edge. As we concentrate on further developing in the US and providing services to both new and existing customers, I am thrilled to be a part of the next phase of the company's development.

Through its Next Generation Technology Growth Fund III, a fund specifically devoted to growth equity investment opportunities in the technology sector, KKR is largely funding Vitesse.

Having made over $21.6 billion in related investments since 2014, KKR has a track record of backing technology-focused growth companies. The firm has also assembled a committed worldwide team of over 35 investment experts with in-depth knowledge of technology growth equities. As part of its tech expansion strategy, the company has completed 40 deals, including those with DarkTrace, KnowBe4, o9 Solutions, Onestream, OutSystems, NetSPI, and ReliaQuest.