UK Banking-as-a-Service startup Griffin has secured $24 million in new funding to fulfill regulatory capital requirements and transition from ‘mobilisation’ to being a fully licensed bank.
The funding round was led by MassMutual Ventures, NordicNinja, and Breega, with participation from existing investors Notion Capital and EQT Ventures. This brings the total capital raised by the firm to $52 million.
Designed specifically to support fintechs and brands looking to embed financial services, Griffin will provide bank accounts—including interest-bearing savings accounts—access to the UK’s payment infrastructure, card services, an integrated ledger, and automated compliance technology.
Founded by Silicon Valley engineers David Jarvis and Allen Rohner, the company has built a team of banking and technology executives with experience from firms such as Form3, Swift, Barclays, Virgin Money, and Lloyds, in preparation for the rollout of its first pilot customers.
David Jarvis, CEO of Griffin, expressed, “Today’s announcement is a culmination of years of hard work by the incredible team at Griffin. I’m particularly grateful to our pilot customers for placing their trust in us, and look forward to helping them continue to scale innovative products at the intersection of technology and finance.”