Griffin, the full-stack Banking-as-a-Service (BaaS) platform, today announced that it has received approval from the UK’s financial services regulators, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), to lift restrictions, allowing Griffin to exit mobilisation and launch as a fully operational bank. Griffin’s launch follows a successful mobilisation period, and is supported by a $24 million (£19 million) funding round led by MassMutual Ventures, NordicNinja and Breega, with participation from existing investors Notion Capital and EQT Ventures.
“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.” — John Weguelin, Board Chair, Griffin.
"Today’s announcement is a culmination of years of hard work by the incredible team at Griffin. I am 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." David Jarvis, CEO of Griffin, added.
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.”
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. From day one, the bank has invested in a deeply human and ethical culture with robust governance and financial controls. Today, 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. Jesse Saarela, Principal at NordicNinja also added, “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.
“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."
The Griffin PR team provided this piece to SME Business Review.
