Online Banking

London banking platform secures multi-million pound investment to become fintech 'bank of choice'

A London-based banking-as-a-service platform has secured £6.5m of funding to accelerate its growth plans.

Griffin, which was launched in 2017, is building an API-first bank with the aim of lowering barriers to entry for launching new financial products and services.

The funding will be used not only to support its banking-as-a-service platform, but also to expand its team, and secure a full banking license with the PRA and FCA.

Griffin aims to provide an API platform that allows firms to open ring-fenced accounts for customer funds, with the security and control of a bricks and mortar bank. The company hopes to become a banking partner for new fintech players and established brands seeking to innovate.

David Jarvis, co-founder and CEO of Griffin, commented: “Every company needs a banking partner, a ledger, and the necessary compliance infrastructure to launch a financial services product.

“These systems all need to be kept in sync with each other. With Griffin, we want to be the one-stop shop for companies seeking to bring something new to market.”

Griffin is the ninth company to be discovered by EQT Ventures’ AI platform, Motherbrain. To date, it has driven more than $100m of portfolio company investments.

Tom Mendoza, deal partner and investment advisor at EQT Ventures, added: “The EQT Ventures team have been following Baas for a number of years, and we believe that Griffin has the right ingredients to be the winner in this space.”

Mendoza cpntinued: “Timing couldn’t be stronger due to the combination of explosive fintech growth, consumer brands launching financial services, and the advent of embedded finances.”

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