Global treasury and payment provider Vitesse, specializing in insurance services, today announced that it has been approved by the New York State Department of Financial Services (NY DFS) to establish its US arm through Vitesse Trust Company, LLC.
This authorization represents the expansion of Vitesse's operations in the US market, building upon its well-established market presence in the UK and Europe.
The newly-formed Vitesse Trust Company, LLC, will act as a limited liability trust company under New York Banking Law.
Backed by a recent $93M Series C funding round led by KKR, Vitesse Trust will provide comprehensive fiduciary, custody, payment and foreign exchange services to U.S. insurance clients. Its proprietary technology platform is designed to enable real-time management and capital safeguarding with streamlined claims payments and reconciliations for insurance industry stakeholders.
Vitesse CEO and co-founder Phillip McGriskin said the firm considers the US a key growth market.
“We are excited to introduce our innovative payment and treasury management solutions to a wider audience, we are committed to helping insurance clients transform their operations, optimize liquidity and provide their customers with a more seamless digitized process,” McGriskin said.
Meanwhile, Vitesse’s executive president in the US Curt Hess said he is pleased the firm received the approval from New York DFS.
“This significant achievement allows us to continue our expansion goals in the U.S. to existing and new clients offering a more comprehensive range of services and to solidify our position as a trusted partner in the insurance industry," Hess said.
Since its establishment in 2014, Vitesse has processed more than $10 billion in payments in over 200 countries and currencies. The company maintains its headquarters in London and holds licenses from both the UK Financial Conduct Authority and De Nederlandsche Bank.
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