Griffin, a London-based Banking-as-a-Service firm, announced the fundraising of roughly €15 million (USD 15.26 million) to be the preferred banking and finance partner for fintechs on 7th July 2022. The business has built a bank on which financial institutions can expand, introducing self-service software to the market
Fintech angels include William Hockey, co-founder of Plaid and founder and co-CEO of Column, Nilan Peiris, vice president of growth at Wise, Rob Straathof, CEO of Liberis; and Shane Happach, CEO of Mollie and former chief operating officer of Worldpay, participated in the round, which Notion Capital led.
Also participating were EQT Ventures, an existing investor, and EQT Ventures. Griffin also welcomes Stephen Chandler, the managing partner and co-founder of Notion Capital, to its board of directors.
What the founder has to say:
David Jarvis, Griffin CEO and co-founder, commented:
“With this infusion of cash, we can expand our operations and keep innovating while concentrating on creating our finest banking platform.”
What the investors have to say:
Stephen Chandler, Managing Partner at Notion Capital:
“Griffin will enable fintechs to design and market financial products with a single secure and modern SaaS platform because SaaS is finally eating the financial services sector as in every other industry.”
Tom Mendoza, EQT Ventures partner, and Griffin board member:
“Consumer trends and technological advancement have not been kept up with by the financial services sector, which has led to a demand for a developer-friendly bank with cutting-edge APIs and user-friendly software. By providing a full-stack banking platform that will make it quick, easy, and affordable for companies to create financial products, Griffin intends to upend the existing quo.”
More about the company:
Griffin, founded in 2017, aims to become the foundation upon which fintechs can grow. The business is developing a fully integrated BaaS platform supported by cutting-edge, user-friendly technologies. It is intended to make it easier for fintech companies to integrate financial goods, allowing them to concentrate on creating solutions for their clients rather than handling intricate back-end infrastructure and compliance procedures.
David Jarvis and Allen Rohner, Silicon Valley engineers who also co-founded the digital unicorn CircleCI, along with a group of banking and technology leaders from the Bank of England, formed the firm, which has just applied to the PRA and the FCA to become an authorized bank. The startup distinguishes itself in the market by doing this. Griffin would be able to provide banking services and a more thorough BaaS platform than middleware rivals if it became a bank.
Griffin wants to be a dependable, long-term banking partner for forward-thinking fintech companies that frequently struggle with time-consuming, expensive onboarding procedures and integration with antiquated technology at well-established banks. Together, the company’s application to become a bank and its new capital demonstrates that it is on the right track to achieving its goal.
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