The British Banking As A Service platform Griffin has received the status of a bank, as a result of which additional restrictions apply to it from now on.
Griffin is now listed in the register of the Financial Supervision Authority (FCA). The company is in the process of mobilization. This means that the firm can hold a limited number of deposits and perform a limited number of payment services.
David Jarvis, CEO and co-founder of Griffin, said that obtaining the status of a bank is the goal that the company has been moving toward for several years. He also says that the new status indicates the determination of the team that has created a modern basic banking system, a stable operating framework, and a reliable compliance system.
David Jarvis noted that functioning as a traditional financial institution will allow the firm to provide an exceptional banking platform for the UK fintech community.
A few weeks earlier, Griffin held a funding round, as a result of which it managed to attract investment funds in the amount of 12.5 million pounds. This round was headed by Neptune Capital.
After receiving additional funding, the company launched its first product, BaaS Verify, which helps fintech manage risks, automate KYC and KYB checks and simplify customer adaptation.
Griffin was founded in 2020. Since then, the firm has attracted funding totaling 19 million pounds.
The company will soon start working with a select group of customers who will be the first to access its BaaS products in the environment and provide feedback as the bank prepares for public availability. One of the first users will be the provider of embedded financial solutions Liberis.
Rob Straatof, CEO of Liberis, stated that the Griffin solution is a set of banking products that will help embedded financial platforms add value to small businesses and differentiate their offerings in a competitive market.
As we have reported earlier, First Fidelity Bank Unveils BaaS Offering.