UK Banking-as-a-Service platform Griffin has received authorization as a UK bank, albeit with certain restrictions. The company is now listed on the Financial Conduct Authority (FCA) register and is currently in the mobilization phase, allowing it to hold a limited amount of deposits and provide a restricted range of payment services.
“This moment has been years in the making,” said David Jarvis, CEO and co-founder of Griffin. “Becoming a bank is a testament to the determination of our team, who have been tirelessly building a modern core banking system, a resilient operational backbone, and a robust compliance framework. This will enable us to deliver an exceptional banking platform for the UK fintech community.”
Griffin recently closed a £12.5 million funding round led by Notion Capital and launched its first BaaS product, Verify. This product assists fintechs in managing risk, automating KYC and KYB checks, and streamlining customer onboarding. Since its inception in 2020, Griffin has raised a total of £19 million.
The company plans to collaborate with a select group of customers to provide early access to its BaaS products in a sandbox environment, allowing for valuable feedback as it prepares for full availability. Among the early adopters is embedded finance solutions provider Liberis.
“Griffin’s proposition is to offer a suite of banking products that will help embedded finance platforms like Liberis deliver more value to small businesses and differentiate our proposition in a competitive market. We’re thrilled to be an early adopter of Griffin,” stated Rob Straathof, CEO of Liberis.