The API-based product automates biometric verification, sanctions, media screenings, and fraud, combining compliance and user experience into one single platform.

In a press release on the launch, the fintech emphasised the need for regulated fintechs to streamline the customer onboarding process and maintain up to date on regulation. Griffin has stated its interest in becoming the ‘go-to’ banking and BaaS provider for UK fintechs, and is expecting approval of its banking licence application in the coming months.

Acting CEO of Griffin, Adam Moulson, stated: “Our mission is to create a technology-driven bank that we believe will blend the power of intuitive software with the security and reliability of an authorised bank. Smart onboarding is critical for any financial services offering, and Verify is a complete solution to help firms manage financial crime risks, automate manual tasks, and create a seamless end-to-end experience for users.”

Features of the product include: pre-integration with regulatory data sources and providers, personalised workflow checks, audit trails, API-integration with documentation, and support from the Griffin compliance team.

Ger Kelly, head of banking at Griffin commented: “Our goal has always been to solve problems for consumers using technology that makes running their lives and businesses easier. We are thrilled to partner with Griffin to replace manual processes with simple, innovative technology that delivers value to customers. We’re growing fast, and Verify is poised to help us safely and efficiently take on new customers at scale.”

Earlier this year, Griffin raised $15.5 million in a funding round led by Notion Capital and appointed former head of people at GoCardless and Monzo Bank, Maria Campbell, COO.