Vitt Treasury, leveraging Money Market Fund products, offers customers the opportunity to earn up to 5.07%. The assets are securely held with an FCA-regulated custodian, ensuring safekeeping by a reliable third party.

Saket Kumar, CEO of Vitt, addressed the current financial climate: “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 $1m you could earn ~$50k; that’s cash for an extra hire.”

Traditionally, treasury solutions are geared towards established companies, leaving startups that have raised significant funds without the means to generate substantial interest income. This income could be pivotal for growth, extending operational runways, and team expansion. Vitt Treasury account applications can be completed in less than 15 minutes.

Vitt, experiencing a 15% weekly growth over the past three months, serves startups with substantial financial backing. After two years of operation, Vitt also announced new funding, bringing its total to-date funding to $16 million across debt and equity.

Clients like nPlan, who secured $18.5 million from GV in 2021, have been using Vitt since the product's beta phase earlier this year. Dev Amratia, CEO of nPlan, remarked: “Vitt’s Treasury product was a no-brainer for us - putting our cash to work with an institution I know while earning enough cash to extend runway meaningfully just made sense.”

The launch of Vitt Treasury and its scaling across the UK is supported by additional funding co-led by Better Tomorrow and Speedinvest, along with contributions from prominent business angels. Regarding this, 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, emphasised the importance of smart cash management: “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, expressed excitement about continuing the partnership with Vitt: “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.”