Financial technology firm Griffin has announced the securing of $24 million in funding, affirming its launch as a fully operational bank in the UK. The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have passed Griffin's application to lift restrictions, thus allowing the company to exit the mobilisation process and operate on a full scale.
These achievements were supported by a £19 million funding round led by MassMutual Ventures, NordicNinja and Breega, with participation from existing investors Notion Capital and EQT Ventures. In the words of John Weguelin, Board Chair of Griffin, "This pivotal moment is only possible because of the support of our investors, the guidance from our regulators, and the commitment of our people." He also expressed gratitude to Griffin's pilot customers for their trust and loyalty.
As a full-stack Banking as a Service (BaaS) platform, Griffin offers tech-driven firms the opportunity to provide banking, payments, and wealth solutions to their clients. Customers can streamline their financial operations using Griffin's automated compliance technology and integrated ledger which ensures the delivery of high-quality service.
Dan Shellard, Partner at Breega, was full of praise for Griffin, stating, "Griffin is exactly the sort of founder-led business that we look to back." Griffin aims to power this generation of innovative financial products and the next by utilising its very own core banking platform and secured UK banking licence.
Emphasising the importance of sustainable business practices, Griffin invested in an ethical and deeply rooted human culture with strong governance and financial controls from its inception. Today, it is a member of Tech Zero with ongoing efforts to minimise its environmental impact and reduce its carbon footprint.
NordicNinja and Breega are both EU Article 8 funds with a strong focus on sustainability. Co-founder and a Managing Partner at NordicNinja, Marek Kiisa, expressed his admiration for Griffin's commitment to sustainability, stating, "We are hugely impressed with Griffin’s level of emphasis on ethical business practices and sustainability." Jesse Saarela, Principal at NordicNinja, added that the team's commitment to helping their customers and everyone impacted by their business is very unique.
In line with its commitment to responsible scaling, Griffin is set to expedite growth as pilot customers go live. The bank also plans to accept new customers via its early access program, Foundations, and support participants to enhance their offerings with seamless, contextual finance embedded directly into their customer experience.
Closing the announcement, Ryan Collins, Managing Partner at MassMutual Ventures, declared that the continuing support for Griffin serves as a testament to its extraordinary progression, hailing Griffin as "the partner of choice for fintechs and brands to build innovative financial products with a seamless client experience."