London FinTech Griffin has raised £10.8 million in Series A funding.

Recently licensed as a UK bank – with restrictions – the full-stack Banking-as-a-Service platform aims to enable companies to embed finance into their products.

Griffin will offer bank accounts – including interest bearing savings accounts – access to the UK’s payment rails, cards, an integrated ledger and automated compliance technology.

Early adopter customers include embedded finance platform Liberis, while its partnerships include 11:FS and Cable. 

The latest round was led by global VC firm MassMutual Ventures, with participation from existing investors Seedcamp, Notion Capital and EQT Ventures.

Griffin raised £12.5m last year in a round led by Notion Capital, and in 2020 raised £6.5m from EQT Ventures.

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“We’re fortunate to have found in MassMutual Ventures an investor with such conviction in what we’re doing,” said David Jarvis, CEO of Griffin. 

“This funding round not only validates our mission and strategy but also equips us with the resources to continue to deliver our innovative banking solutions to more customers.”

Ryan Collins, managing partner at MassMutual Ventures, commented: “Griffin’s licence and BaaS platform represent unique capabilities in the UK market and enable it to become a pillar for the fintech ecosystem. 

“Its comprehensive product suite is tailored to serve fintechs, payment services providers and brands looking to embed finance offerings.”

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