London-based Vitt Secures €1 Million in Funding. Current investors Better Tomorrow Ventures and Speedinvest co-led this round.
In addition, they announced the opening of Vitt Treasury, which intends to assist entrepreneurs in diversifying their revenue streams and generating income from unused funds.
Customers can earn up to 5.07%* with Vitt’s new product, which is built on top of Money Market Fund products. Only an FCA-regulated custodian is used to hold assets, ensuring that they are securely handled by a reputable third party.
Saket Kumar, CEO of Vitt said, “Following recent headlines covering Metro Bank’s financial restructuring – a worrying echo of the SVB crisis earlier in the year, it’s unsurprising that founders are once again looking closely at where they’re keeping their cash. A founder’s job is to 10x company value, not earn an extra 0.1% of interest. With Vitt we’ve built a solution that you can set and forget, knowing you’ve made the best decision with your finances. On $1 million you could earn ~$50k; that’s cash for an extra hire,”.
While established businesses can find treasury solutions, startups that have acquired capital are losing out on millions of pounds in interest that they could be using to build their teams, drive growth, and extend their runway. Getting approved for a Vitt Treasury account only takes a few minutes.
Vitt Treasury was founded with the assistance of well-known company angels and further finance co-led by current shareholders Better Tomorrow and Speedinvest, which will allow them to scale it throughout the UK.
Saket commented: “Given the market appetite, existing investors were excited to double-down and we selectively added value-add angels such as Max [Founder of N26]. We have both customers managing thousands and those managing millions. It is incredibly rewarding to be able to serve founders across their journey.”
Alice Bentinck, Co-founder of Entrepreneur First, added: “Metro Bank serves as a reminder to startups: you need to be smart with your cash. By giving access to Money Market Funds, Vitt lets you reduce risk by diversifying your cash so you can get back to what’s important: building your company.”
Olga Shikhantsova, Partner at Speedinvest, said: “We’re excited to continue to partner with Vitt – while Fintechs offering high-yield savings products exist in the US, Europe remains fertile ground with an active venture ecosystem. With the collapse of SVB, Vitt has launched a product with a clear why now that sets itself apart from incumbents.”
With Money Market Funds from Goldman Sachs Asset Management, which are custodied by an FCA-regulated custodian and don’t expose Vitt to counterparty risk, Vitt helps you make the most of your idle cash. Your money is at danger when you invest, as it usually is.