Griffin Raises £19Million, Secures UK Bank Licence and Prepares to Launch Fully Operational Bank
In a move that enables it to launch as a fully operational bank, Griffin, the full-stack banking-as-a-service (BaaS) platform, has received approval from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), to lift restrictions.
Griffin offers a full-stack platform for technology-driven firms looking to offer banking, payments, and wealth solutions to their customers.
Griffin’s launch follows a successful mobilisation period and has been backed by a £19million funding round led by MassMutual Ventures, NordicNinja and Breega, with further participation from existing investors Notion Capital and EQT Ventures.
John Weguelin, board chair at Griffin, said: “This pivotal moment is only possible because of the support of our investors, the guidance from our regulators and the commitment of our people. A big thank you to all our existing investors and a warm welcome to all our new investors. We look forward to working with all our investors in this exciting new chapter for Griffin.”
David Jarvis, CEO of Griffin, commented: “Today’s announcement is a culmination of years of hard work by the incredible team at Griffin. 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’s automated compliance technology and integrated ledger enable its customers to streamline their financial operations while continuing to deliver high-quality service.
Dan Shellard, partner at Breega, the venture capital company, also explained the decision to back the bank: “Griffin is exactly the sort of founder-led business that we look to back. 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.”
Building a ‘deeply human’ culture
As part of its launch, Griffin has reiterated its commitment to building an enduring business of consequence, and aims to embed sustainable business practices at every level. The bank explained that it has invested in a “deeply human” and ethical culture with robust governance and financial controls. Griffin is now 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. Jesse Saarela, principal at NordicNinja commented: “The team’s commitment to helping their customers as well as everyone impacted by their business is very unique, and I am looking forward to working with them further.”
Griffin is poised for accelerated growth and is committed to scaling responsibly as pilot customers go live. The bank will also take on new customers via its early access programme, Foundations. Griffin will work closely with Foundations participants to help them enhance their offering with seamless, contextual finance embedded directly into their customer experience.
Ryan Collins, managing partner at MassMutual Ventures, said: “Our continued support for Griffin is a testament to its extraordinary progress to date. 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.”
