Banking-as-a-service provider Griffin secures $6.5m in a funding round that was led by EQT Ventures.
The investment also received support from Seedcamp, Tribe Capital, Indeed.com co-founder Paul Forster, Go-Cardless co-founder Matt Robinson and Go-Cardless COO Carlos Gonzalez-Cadenas.
Funds from the round will be used to further the company’s product development, hire more staff and continue its efforts in getting bank authorisation from the PRA and FCA.
Griffin is an API-first bank, which aims to reduce the barrier to entry for launching new financial products. Founded in 2017, the company hopes to become the banking partner of choice for both new FinTech players and established brands looking to innovate.
Its API platform enables firms to open ring fences accounts for customer funds while its integrated compliance engine and ledger reduces recordkeeping and reconciliation efforts.
Griffin co-founder and CEO David Jarvis said, “Every company needs a banking partner, a ledger, and the necessary compliance infrastructure to launch a financial services product.
“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. We’re thrilled to have found a partner in EQT Ventures that shares our vision and is coming to the table with such a deep understanding of the API banking landscape.”
Earlier in the year, the FinTech closed a £3m seed round to support its development.
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