UK Banking-as-a-Service startup Griffin has snared $24 million in fresh funding to meet regulatory capital requirements and exit 'mobilisation' as a fully-licenced bank.
The funding round was led by MassMutual Ventures, NordicNinja and Breega, with participation from existing investors Notion Capital and EQT Ventures. It brings the total amount of capital raised by the firm to $52 million.
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.
Founded by Silicon Valley engineers, David Jarvis and Allen Rohner the company has recruited a team of banking and technology executives from Form3, Swift, Barclays, Virgin Money, Lloyds and more ahead of the roll out of its first pilot customers.
David Jarvis, CEO of Griffin, says: "Today’s 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."