Griffin raises $24m and launches as a fully operational UK bank

By Gloria Methri

Griffin, the full-stack Banking as a Service (BaaS) platform, has received approval from the UK’s financial services regulators to exit mobilisation and launch as a fully operational bank.

Griffin’s launch follows a successful mobilisation period and is supported by a $24 million (£19 million) funding round led by MassMutual Ventures, NordicNinja and Breega, with participation from existing investors Notion Capital and EQT Ventures.

David Jarvis, CEO of Griffin, said, “Today’s announcement is a culmination of years of hard work by the incredible team at Griffin. I am 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.”

Griffin offers a full-stack platform for technology-driven firms looking to offer banking, payments, and wealth solutions to their customers. Its automated compliance technology and integrated ledger enable its customers to streamline their financial operations while continuing to deliver high-quality service to their customers.

“Griffin is exactly the sort of founder-led business that we look to back,” said Dan Shellard, Partner at Breega. “The hard work the team has done over the last several years in building their core banking platform and securing a UK bank licence has them incredibly well positioned to power this generation of innovative financial products – and the next.”

Griffin is poised for accelerated growth and is committed to scaling responsibly as pilot customers go live. The bank will also take on new customers via its early access programme, Foundations. Griffin will work closely with Foundations participants to help them enhance their offering with seamless, contextual finance embedded directly into their customer experience.

“Our continued support for Griffin is a testament to its extraordinary progress to date,” said Ryan Collins, Managing Partner at MassMutual Ventures. “As the UK’s first full-stack BaaS platform with a banking licence, Griffin is the partner of choice for fintechs and brands to build innovative financial products with a seamless client experience.”