Fintech disruptor Vitesse secures £6.6m in funding


Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and FXC Intelligence and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors.… Read more
  • Fintech start-up Vitesse has secured £6.6m in a Series A funding round.
  • Vitesse’s CEO eyes up growth in its sales and marketing functions.
  • Further expansion into the US market is on the cards.

Vitesse, a London-based fintech start-up offering real-time cross-border payments for businesses, has recently announced that it has secured a further £6.6m in Series A funding.

Led by Octopus Ventures with backing from Hoxton Ventures and a number of individual angel investors, this early success is considered a notable move for this promising industry disruptor.

Based on the press release, it seems as though the young company has already got big plans for this round of funding, with plans for growth and infrastructure building already in motion.

In particular, this £6.6m in funding will be directed towards building up its sales and marketing functions, as well as towards establishing itself in the US market.

The success of this funding round is another important milestone for Vitesse, which has already built up a fair amount of buzz for itself since first being founded in 2014.

Founded by industry veterans Phillip McGriskin and Paul Townsend, who previously sold their fintech start-up Worldpay, Vitesse provides banking and payment network services to a customer base across 100 countries and in over 60 currencies.

To date, Vitesse has seen some slow but steady growth since first being founded, having processed a total of £2.1bn across 2.3m transactions.

It is hoped that this latest injection of funding will support growth in its sales and marketing functions, which will help to expand its client base.

According to Malcolm Ferguson, the partner at Octopus Ventures who coordinated this funding round, Vitesse fills a vital gap in the global payments and remittances industry where innovation on the B2B side has lagged behind growth on the retail side.

The news of Vitesse’s successful funding round adds further excitement to an industry that is seeing an increasing number of disruptors enter onto the scene.

Whether Vitesse will be able to fully disrupt the more established players, however, remains to be seen.

If you want to keep on top of all the latest industry news on the online money transfer sector, head over to our news section and read the latest from our editorial staff.

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