London-based banking-as-a-service provider Griffin has secured £6.5 million in funding to support product development and to progress the firm’s authorisation application for a full banking licence with the UK's PRA and FCA.
Founded in 2017, Griffin is building a proprietary API platform that will let firms open ring-fenced accounts for customer funds alongside an integrated compliance engine and ledger to 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,” says David Jarvis, co-founder and CEO at Griffin. “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."
The latest funding round was led by EQT Ventures, and included participation from Seedcamp, Tribe Capital, Indeed.com founder Paul Forster, Matt Robinson of GoCardless fame and former GoCardless COO and Index Ventures partner Carlos Gonzalez-Cadenas.
The new capital raise follows the company's previous £3m seed round announced earlier this year.