By British fintech company Griffin has successfully raised new funding following the receipt of full regulatory approval to operate as a fully-fledged bank. Founded in 2017 by ex-Airbnb software engineer David Jarvis and CircleCI founder Allen Rohner, Griffin specializes in banking-as-a-service, offering APIs that provide a range of banking services tailored to businesses, including interest-bearing accounts and lending.
Regulatory Approval Marks a Turning Point
Previously, Griffin operated under restrictions on the types of accounts it could offer. However, it has now obtained approval from both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) in the UK to transition out of the “mobilization” phase. This regulatory green light allows Griffin to operate as a full-fledged bank, enabling it to expand its suite of services and offerings.
Funding Round and Investor Support
Griffin recently closed a funding round, securing £19.1 million (approximately $24 million). The funding was led by MassMutual Ventures, NordicNinja, and Breega, with participation from Notion Capital, EQT Ventures, DG Daiwa, and CircleRock. This round brings Griffin’s total funding to an impressive $59.7 million, highlighting investor confidence in its business model and growth prospects.
Strategic Focus on Operations and Growth
With around 100 staff based in London, Griffin is strategically focused on enhancing its operations and expanding its user base. Despite the challenging market conditions, CEO David Jarvis remains optimistic about the company’s trajectory. He emphasizes that the funding will primarily be allocated towards salaries and operational expenses rather than risky ventures, positioning Griffin for sustained growth and stability in the competitive fintech landscape.
Future Outlook: Product Development and Expansion
Looking ahead, Griffin plans to prioritize product development and strengthening its payments infrastructure. Jarvis highlights the importance of enhancing the company’s offerings to meet the evolving needs of its customers. With a solid foundation and robust financial backing, Griffin is well-positioned to capitalize on emerging opportunities in the fintech sector and solidify its position as a leading provider of banking solutions for businesses.
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