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UK BaaS bank Griffin raises $13.5 million

UK BaaS bank Griffin raises $13.5 million

Newly-licenced UK bank Griffin has raised $13.5 million in a Series A funding round led by MassMutual Ventures, with participation from existing investors Seedcamp, Notion Capital and EQT Ventures.

Initially established as a Banking-as-a-Service platform, Griffin in March achieved authorisation as a UK bank subject to restrictions. This means that the company can hold a limited amount of deposits and carry out a limited amount of payment services.

Griffin says the new funds will be used to prepare its exit from the 'mobilisation' phase to a fully-licenced bank.

David Jarvis, CEO of Griffin, says: "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."

Built from the ground up to serve fintechs and brands looking to embed finance, Griffin will offer bank accounts - including interest bearing savings accounts - access to the UK’s payment rails, cards, an integrated ledger, and automated compliance technology.

Griffin recently closed a £12.5 million funding round led by Notion Capital and launched its first BaaS product, Verify, which helps fintechs manage risk, automate KYC and KYB checks, and streamline customer onboarding. The firm has now raised a total of £32.5 million since inception in 2020 and onboarded its first customer Liberis.

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