Griffin has received approval from the UK’s financial services regulators to launch as a fully operational bank.
The Banking as a Service (BaaS) platform, which has also raised a further £19 million in funding, said the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) had lifted restrictions, allowing Griffin to exit mobilisation.
The funding round was led by MassMutual Ventures, NordicNinja and Breega, with participation from existing investors Notion Capital and EQT Ventures.
“Today’s announcement is a culmination of years of hard work by the incredible team at Griffin,” said CEO David Jarvis (pictured).
“I’m particularly grateful to our pilot customers for placing their trust in us, and look forward to helping them continue to scale innovative products at the intersection of technology and finance.”
Griffin offers a full-stack platform for technology-driven firms looking to offer banking, payments, and wealth solutions to their customers. Griffin’s automated compliance technology and integrated ledger enable its customers to streamline their financial operations while continuing to deliver high-quality service to their customers.
“Griffin is exactly the sort of founder-led business that we look to back,” said Dan Shellard, partner at Breega. “The hard work the team has done over the last several years in building their own core banking platform and securing a UK bank licence has them incredibly well positioned to power this generation of innovative financial products – and the next.”
Griffin says it aims to embed sustainable business practices at every level. It is a member of Tech Zero and is actively working to reduce its carbon footprint and minimise its environmental impact.
Two of the round’s co-leads, NordicNinja and Breega, are EU Article 8 funds with a heavy focus on sustainability. “We are hugely impressed with Griffin’s level of emphasis on ethical business practices and sustainability,” said Marek Kiisa, co-founder and a managing partner at NordicNinja.
Griffin says it is poised for accelerated growth as pilot customers go live. The bank will also take on new customers via its early access programme, Foundations.
“Our continued support for Griffin is a testament to its extraordinary progress to date,” said Ryan Collins, managing partner at MassMutual Ventures.
“As the UK’s first full-stack BaaS platform with a banking licence, Griffin is the partner of choice for FinTechs and brands to build innovative financial products with a seamless client experience.”
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