Griffin raises £6.5m to help start-ups launch financial products
Posted on November 17, 2020 by Alistair Hardaker
London-based Banking-as-a-Service provider Griffin has £6.5m.
The round, led by EQT Ventures, follows the company’s previous £3m seed round announced earlier this year.
Other participants in the round include Seedcamp, Tribe Capital, Indeed.com co-founder Paul Forster, Go-Cardless co-founder Matt Robinson and COO Carlos Gonzalez-Cadenas.
Griffin is building an API-first bank which is designed to lower the barriers to entry for firms launching financial products and services.
The company said it will use the investment to further product development, hire more people and continue the bank authorisation process with the PRA and FCA.
Griffin was founded in 2017 by CEO David Jarvis and CTO Allen Rohner. The founders have more than a decade of experience working in infrastructure technology companies in Silicon Valley.
Prior to founding Griffin, Jarvis was an early engineer at API banking startup Standard Treasury.
Rohner is a co-founder of developer tools company CircleCI and has worked with Funding Circle on its ledger technology.
ts proprietary API platform will let firms open ring fenced accounts for customer funds while its integrated compliance engine and ledger will greatly reduce record-keeping and reconciliation burdens.
“Every company needs a banking partner, a ledger, and the necessary compliance infrastructure to launch a financial services product,” said Jarvis.
“These systems all need to be kept in sync with each other, which is why it’s crazy that everyone ends up stitching together ad-hoc solutions rather than leveraging a single vertically integrated solution. With Griffin, we want to be the one-stop shop for companies seeking to bring something new to market.”