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Griffin Secures $13.5M in Series A for Licensed Banking Tech

Griffin, armed with a banking license, attracts top fintech angels in Europe
June 8, 2023

London-based fintech Griffin has successfully raised $13.5 million in a Series A funding round, spearheaded by prominent US investor Mass Mutual Ventures. The company, operating in the booming banking-as-a-service (BaaS) sector, offers licensed banking software solutions to empower fintech startups. With its innovative approach and an impressive roster of angel investors, Griffin is poised to disrupt the industry.

Griffin, founded in 2017, is enabling fintechs to launch core banking products, such as savings, payments, and deposits, without the need to develop their own software infrastructure. While facing competition from established players like Railsr and Thought Machine, Griffin holds a coveted UK banking license, setting it apart from the rest.

The recent funding round saw participation from influential investors, including Seedcamp, EQT Ventures, and Notion, further affirming Griffin's potential in the market. The funding injection will primarily support Griffin's pursuit of an unrestricted banking license, as well as bolster its engineering team.

The path to obtaining a UK banking license is a complex and costly endeavor, as witnessed by neobank Revolut. However, Griffin's visionary founders are confident in their strategy. During the "mobilization period," regulatory requirements will be assessed, laying the foundation for future growth and attracting additional investments in a Series A extension.

Griffin's BaaS model, backed by a full banking license, meets the increasing demand among fintechs for a reliable and licensed provider. Unlike Railsr and Thought Machine, which operate with different licensing models, Griffin offers a comprehensive solution that instills trust and confidence in its clients.

The company's long-term plans include venturing into lending debt to fintechs, driven by the recent turmoil surrounding Silicon Valley Bank. With a strong focus on business-facing fintechs, including the likes of Liberis, and a commitment to returning interest earned on deposits to its customers, Griffin is redefining the traditional banking experience.

Griffin's successful Series A funding round, led by Mass Mutual Ventures, marks a significant milestone in the fintech landscape. With its licensed banking software solutions and a forward-thinking team of industry veterans, Griffin is set to shape the future of fintech innovation. As the company moves closer to obtaining an unrestricted banking license, the stage is set for Griffin to emerge as a key player in the BaaS sector, empowering startups and revolutionizing the way banking services are delivered.

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