- London-based fintech startup Griffin has raised $15.5 million in fresh funding.
- The new capital comes off the back of the company submitting its banking license application.
- Check out the 15-slide pitch deck Griffin used to raise the fresh funds below.
Banking-as-a-service fintech Griffin has raised $15.5 million in fresh funding.
The London-based startup, which was founded in 2017 by ex-Airbnb software engineer David Jarvis and CircleCI founder Allen Rohner, wants to offer an API to fintechs and other financial institutions that will act as a one-stop-shop to bring new banking products to market.
Griffin’s tech enables companies to open new ring-fenced accounts with a tighter, less record-heavy compliance structure. The startup’s sell is that it enables users to skip the process of finding a banking partner, which is usually slow and expensive, and start launching products straight away.
The company recently submitted its banking license applications to British regulators the FCA and PRA after a yearslong process.
“Becoming a bank is really hard but fintechs have to work with banks so it’s an important way for us to create value,” Griffin’s acting CEO Adam Moulson told Insider.
“We’ve submitted our banking license application so we are raising now as we have a lot of exciting things we want to build which will be beneficial to us, but also our customers.”
The round was led by Notion Capital, with participation from existing investor EQT Ventures as well as fintech angels including William Hockey, cofounder of Plaid, Nilan Peiris, VP of Growth at Wise, and Shane Happach, CEO of Mollie. Griffin’s new round takes it to $28.2 million in total funding raised to date.
“As we get more market validation we’ll be hiring more people across engineering, compliance, and risk management,” Moulson added. “We’re scaling up as we get closer to the finish line but actually hopefully getting the banking license is actually just the start line for us.”
Griffin will also use the funding to increase the number of products its able to offer with a focus on lending and embedded finance solutions.
Check out Griffin’s 15-slide pitch deck below:
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