Newly licensed UK bank Griffin has successfully raised $13.5 million in a Series A funding round led by MassMutual Ventures, with participation from existing investors Seedcamp, Notion Capital, and EQT Ventures.
Initially established as a Banking-as-a-Service platform, Griffin achieved authorization as a UK bank in March, which allows the company to hold a limited amount of deposits and conduct a restricted range of payment services.
Griffin intends to utilize these new funds to transition from the ‘mobilisation’ phase to a fully licensed banking operation. CEO David Jarvis stated, “This funding round not only validates our mission and strategy but also equips us with the resources to continue delivering our innovative banking solutions to more customers.”
Designed to cater to fintechs and brands looking to integrate financial services, Griffin will provide bank accounts—including interest-bearing savings accounts—access to the UK’s payment infrastructure, cards, an integrated ledger, and automated compliance technology.
Recently, Griffin closed a £12.5 million funding round led by Notion Capital and launched its first BaaS product, Verify, which assists fintechs in managing risk, automating KYC and KYB checks, and streamlining customer onboarding. Since its inception in 2020, the firm has raised a total of £32.5 million and onboarded its first customer, Liberis.