Griffin Secures $24M Investment and Full Banking License
Griffin, a London-based Banking as a Service (BaaS) platform, has successfully raised $24 million in a Series A investment round. This funding boost comes alongside the attainment of a full banking license, marking a significant milestone for the company.
Co-founded by David Jarvis and Allen Rohner, Griffin boasts a team comprising banking and technology executives from prestigious institutions like Form3, Swift, Barclays, Virgin Money, and Lloyds. The startup offers a comprehensive platform catering to technology-driven firms seeking to provide banking, payments, and wealth solutions to their customers.
Following a rigorous application process spanning approximately a year, Griffin has secured approval from the UK’s financial services regulators, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), to transition from ‘mobilization’ to full operational status as a bank.
Investment Details
The $24 million Series A round was led by Finnish VC firm NordicNinja, alongside MassMutual Ventures and Breega. NordicNinja, established in 2019 as a Japanese-European joint venture, expressed their admiration for Griffin’s commitment to ethical business practices. Similarly, MassMutual Ventures, a global venture capital firm focusing on various sectors including financial technology, demonstrated confidence in Griffin’s potential by becoming a lead investor in the round. Paris-based venture capital fund Breega, known for financing startups in the digital economy, also co-led the investment. Existing investors Notion Capital and EQT Ventures also participated in this funding round.
This substantial investment infusion positions Griffin for accelerated growth. The company aims to responsibly scale its operations, welcoming new customers through its early access program, Foundations. Griffin plans to collaborate closely with participants of the Foundation’s program. The company plans on assisting them in integrating seamless, contextual finance directly into their customer experience.
Griffin’s recent achievements underscore its position as a leading player in the BaaS sector. Backed by strategic investors and having obtained a full banking license, the company is well-equipped to capitalize on the burgeoning opportunities in the fintech landscape.
