Griffin, a groundbreaking full-stack Banking as a Service (BaaS) platform, has officially announced its transition to a fully operational bank.
This significant milestone was achieved following the approval of Griffin’s application by the UK’s financial services regulators, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), to lift restrictions and exit mobilisation.
Supported by a substantial $24m funding round, Griffin’s launch heralds a new era in financial services. The funding was led by MassMutual Ventures, NordicNinja, and Breega, with additional contributions from existing investors Notion Capital and EQT Ventures.
At its core, Griffin aims to revolutionise the banking sector by offering technology-driven firms the ability to provide banking, payments, and wealth solutions to their customers. Utilising automated compliance technology and an integrated ledger, Griffin enables its customers to streamline their financial operations while continuing to deliver high-quality service. This innovative approach positions Griffin at the forefront of the intersection between technology and finance, offering unparalleled support to its pilot customers and future partners.
The fresh influx of capital will be directed towards scaling the bank and enhancing its infrastructure to better serve both new and existing customers.
From the outset, Griffin has committed to building a deeply human and ethical culture, underscored by robust governance and financial controls, including membership in Tech Zero and initiatives aimed at reducing its carbon footprint.
Dan Shellard, partner at Breega said, “Griffin is exactly the sort of founder-led business that we look to back. he 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.”
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