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Payments fintech Vitesse raises £6.6m in Series A funding

August 14, 2020 at 10:30AM

Phillip McGriskin, Vitesse CEO

London-based cross border payments fintech Vitesse has raised £6.6 million in Series A funding.

The latest round is led by Octopus Ventures, and includes backing from previous backer Hoxton Ventures.

It takes the total raised by Vitesse to £7.3 million, following a £700,000 Venture round from 2015.

The firm operates a banking and payments network and says it was founded in 2013 to “fix the opaque, costly and outdated payments process”.

It holds an e-money licence from the Financial Conduct Authority in the UK and permission from De Nederlandsche Bank.

“Vitesse brings the strength of the global banking network together with leading technology,” says CEO Phillip McGriskin on the firm’s website.

“We give our customers unparalleled control, transparency and efficiency for the holding and management of funds and liquidity.”

Vitesse says it plans to use its new funding to grow and build out its sales and marketing teams. It also plans an expansion into the US market and increase the reach of its banking services.

Related: Regtech firm kompany raises $6m in venture funding

via FinTech Futures – https://bit.ly/2PQbfv8

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