London, United Kingdom-based full-stack Banking as a Service (BaaS) platform, Griffin raised EUR 21. 9 million in funding. The company announced the investment on March 11, 2024. MassMutual Ventures, NordicNinja, and Breega led the company’s financing. Meanwhile, existing investors such as Notion Capital and EQT Ventures joined in the financing. Besides the investment, the company announced approval from the UK’s financial services regulators, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), to lift restrictions, allowing Griffin to exit mobilisation and launch as a fully operational bank.
Purpose of financing for Griffin
With the latest financing, the company seeks to focus on accelerated growth and is committed to scaling responsibly as pilot customers go live. Additionally, the bank will accept new clients through Foundations, its early access initiative. Gryphon will collaborate closely with Foundations participants to help them improve their services by integrating contextual finance into their customer experience in a seamless manner.
What the company’s official has to add
John Weguelin, Board Chair of Griffin, said, “This pivotal moment is only possible because of the support of our investors, the guidance from our regulators and the commitment of our people. A big thank you to all our existing investors and a warm welcome to all our new investors. We look forward to working with all our investors in this exciting new chapter for Griffin.”
David Jarvis, CEO of Griffin, further added, “This announcement is a culmination of years of hard work by the incredible team at Griffin. I’m particularly grateful to our pilot customers for placing their trust in us, and look forward to helping them continue to scale innovative products at the intersection of technology and finance.”
What the investors have to comment
Dan Shellard, Partner at Breega, said, “Griffin is exactly the sort of founder-led business we look back to. The 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.”
Ryan Collins, Managing Partner at MassMutual Ventures, said, “Our continued support for Griffin is a testament to its extraordinary progress to date. As the UK’s first full-stack BaaS platform with a banking licence, Griffin is the partner of choice for fintechs and brands to build innovative financial products with a seamless client experience.”
About the company
Gryphon, which was established in 2017, has reaffirmed its dedication to creating a significant, long-lasting company and to integrating sustainable business principles into all aspects of operations. As soon as it opened, the bank made a significant investment in a strong financial control system, strong governance, and an ethical culture. It is currently actively attempting to decrease its environmental impact and lower its carbon footprint as a member of Tech Zero.
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