Griffin, a BaaS platform from the UK, has recently successfully raised $13.5 million in its Series A fundraising event.
This funding round was spearheaded by MassMutual Ventures, a global venture capitalist firm. Existing investors also lent their support, with notable participation from Seedcamp, Notion Capital, and EQT Ventures. The $13.5m secured in this round illustrates the burgeoning confidence and trust placed in Griffin’s technological potential and strategic vision.
Griffin is a full-stack BaaS platform engineered to empower FinTech firms by offering them an exhaustive suite of banking services. Being an API-first bank, it showcases the potency of Software as a Service (SaaS) in the banking sector, serving an array of customer-focused financial products. Griffin, with its UK banking licence, supports innovative brands and FinTech firms in embedding finance by offering bank accounts, access to the UK’s payment rails, cards, an integrated ledger, and automated compliance technology.
The new funds will be used to transition out of the “mobilisation” period, or authorisation with restrictions, subject to regulatory approval. Griffin also plans to bolster its commercial activities and dedicate resources to enhance its embedded finance platform. This highlights Griffin’s commitment to consistently improve its service offerings and solidify its footprint in the FinTech arena.
CEO of Griffin, David Jarvis, expressed his delight at the support received in the funding round. “We’re fortunate to have found in MassMutual Ventures an investor with such conviction in what we’re doing,” he said. “This funding round not only validates our mission and strategy but also equips us with the resources to continue to deliver our innovative banking solutions to more customers.”
Ryan Collins, Managing Partner at MassMutual Ventures, mirrored Jarvis’s optimism. He remarked, “Griffin’s licence and BaaS platform represent unique capabilities in the UK market and enable it to become a pillar for the FinTech ecosystem. Its comprehensive product suite is tailored to serve FinTechs, payment services providers and brands looking to embed finance offerings.”
In its ambitious pursuit to become the bank of choice for companies wanting to embed finance, Griffin has already begun making strong strides. It has attracted early-adopter customers such as embedded finance platform Liberis, and formed notable partnerships with 11:FS and Cable.
This fresh funding follows Griffin’s previous investment success, having raised £12.5m last year in a round led by Notion Capital, and £6.5m from EQT Ventures in 2020.
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