UK-based banking-as-a-service startup Griffin has launched a sandbox for fintech companies to develop prototypes and test applications on its platform.
ProMEX, a Hong Kong-based digital marketplace for trading physical commodities for cash or stocks, is among the first to utilize Griffin’s sandbox to create a prototype for the UK market. The test environment allows for the customization of KYC workflows, evaluation of identity check accuracy, creation of mock customer bank accounts, and simulation of payments between buyers and sellers.
Guido Glowania, CSO of ProMEX, stated, “As a fintech in the early stages of UK expansion, we sought a platform that would facilitate an open and collaborative iteration process. By building and testing our MVP on Griffin’s sandbox, we have significantly reduced the time and resources needed to develop our UK app, enabling us to focus on launching the product and driving adoption in the UK market.”
The sandbox currently enables users to simulate various functions, including:
– Onboarding customers and executing KYC/KYB verification checks with Verify
– Opening an operational bank account for their organization
– Creating segregated bank accounts (safeguarded and client money) for customers
– Processing payments to external accounts and transfers between internal accounts
– Adding new payees and reviewing payments and transactions
David Jarvis, CEO and co-founder of Griffin, expressed, “We aim to lower the barriers to entry for fintechs and brands developing embedded finance products. Launching our sandbox is a significant step forward. Our open platform will make it easy for engineers or product managers to start building without financial commitments or lengthy processes.”
Griffin is currently seeking authorization to operate as a bank with the PRA and the FCA. Jarvis emphasized that once authorized, fintechs will be able to use the platform to quickly build and launch regulated financial services apps.
Recently, Griffin closed a $15.5 million funding round led by Notion Capital and introduced its first BaaS product, Verify, which assists fintechs in managing risk, automating KYC and KYB checks, and streamlining customer onboarding.