Vitesse PSP

Vitesse PSP is a British company that offers a payout management platform for businesses to make local and cross-border payments. It primarily caters to the insurance industry, but also serves the ecommerce, financial services, and payroll industries. The payouts managed by the platform range from insurance claim payouts to procurement and supplier payouts.

Key customers and partnerships

The company has several established and neo insurance companies among its users. Vitesse’s customers included around 70% of the insurers within the Lloyds of London market and neo insurers like BoughtByMany (as of February 2022). Moreover, Hannover DIgital Investment, the corporate venture arm of HDI (a leading insurance company in Europe), has invested in Vitesse.

Vitesse expanded its platform capabilities by partnering with Mastercard in December 2021, to add the “Pay-to-Card” solution, which enables insurers to pay claims directly to debit and credit cards.

Funding and financials

The platform had reportedly settled over GBP 3 billion (USD 3.9 billion) worth of transactions globally as of April 2022. In February 2022, Vitesse reported that the payments value processed and client funds under management rose by 109% and 127%, respectively, in a little over a year.

The company raised GBP 19 million (USD 26 million) in funding in February 2022, led by Prime Ventures, to invest in expanding its reach in the US and Europe, as well as in product development and customer service.