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December 21, 2023

Vitt Secures €1M to Revolutionize Startup Cash Management

Vitt emerges as the financial wizard for startups, proudly labeling itself a one-stop solution for cash management

In the bustling landscapes of London and Berlin, Vitt emerges as the game-changer, claiming to be the ultimate cash management solution for startups. A recent funding round, led by Better Tomorrow and Speedinvest (known for backing Fiat Republic and Milano Vice), raised €1 million, with a notable addition to the backers' list — Max Tayenthal, founder of N26. This injection of funds, combined with last year's $15 million investment, propels Vitt's total equity and debt raised to an impressive $16 million.

Founded in 2020 by Gregory Janik and Saket Kumar, Vitt steps into the spotlight with the launch of its Treasury product, featuring Money Market Funds. Offering an enticing return of up to 5.07%, this platform promises startups a dynamic solution to diversify and capitalize on their idle cash. Notably, the assets find a secure haven with an FCA-regulated custodian, ensuring a robust third-party backing.

While established companies have long enjoyed treasury solutions, startups armed with freshly raised capital often miss out on substantial interest earnings that could fuel their growth ambitions. Vitt's Treasury account application process takes a mere 15 minutes, offering a quick and accessible avenue for startups to make their cash work for them.

Vitt boasts an exceptional growth rate, soaring over 15% week on week for the past three months. Startup heavyweights, including nPlan, have embraced Vitt's financial prowess. Notably, nPlan, which secured $18.5 million from GV in 2021, has been leveraging Vitt since the product's beta launch earlier this year.

Saket Kumar, CEO of Vitt, expresses enthusiasm about the growing market appetite, with both existing and new investors recognizing the transformative potential of Vitt's offerings. Max Tayenthal's strategic addition as an angel investor underscores the platform's value proposition for startups managing varied scales of funds.

Dev Amratia, CEO of nPlan, attests to the brilliance of Vitt's Treasury product, emphasizing its role in optimizing cash utilization for meaningful runway extensions.

Alice Bentinck, Co-founder of Entrepreneur First, underscores the significance of intelligent cash management for startups, applauding Vitt for providing access to Money Market Funds as a means to reduce risk and refocus on building companies.

Olga Shikhantsova, Partner at Speedinvest, expresses excitement about Vitt's distinctive position in the European fintech landscape. Against the backdrop of SVB's collapse, Vitt stands out with a product that addresses current market needs, setting itself apart from the established players.

As Vitt charts its course with fresh funding, startups are poised to experience a paradigm shift in cash management, unlocking new potentials for growth and financial optimization.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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