Ten months after submitting its banking licence application, banking-as-a-service (BaaS) provider Griffin was today authorised by the PRA and the FCA to operate with restrictions.
IN BRIEF
- Griffin’s BaaS platform is designed to provide fintechs with access to all the UK's payment rails, bank accounts, debit cards, an integrated ledger, and customer onboarding automation.
- The milestone means that Griffin is now officially operating as a bank, meaning it can begin holding a limited amount of deposits and start to offer payment services.
- Last year Griffin raised £12.5m in a round led by Notion Capital during 2022’s challenging funding environment, and before that raised £6.5m in 2020 from EQT Ventures.
What does this mean?
“Becoming a bank is 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.” said David Jarvis, CEO and co-founder of Griffin.
