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Griffin secures full banking licence, raises £19m

Griffin bank
Image credit: Griffin

Griffin, a London-based fintech, has secured a fully operational banking licence and raised $24m (£18.7m) in funding.

Founded in 2017, Griffin provides banking as a service tools for financial companies, such as customer onboarding checks and payments.

The fintech secured a banking licence in March 2023, a year after its application. Due to regulatory rules from the Financial Conduct Authority (FCA), Griffin was licensed under restricted terms, called mobilisation.

Mobilisation meant Griffin had limits on the amount of deposits it could hold and the payment services it could offer.

Now, having received regulatory approval from the FCA and the Prudential Regulation Authority (PRA), Griffin can launch as a fully operational bank.

“This pivotal moment is only possible because of the support of our investors, the guidance from our regulators and the commitment of our people,” said John Weguelin, chair of the board.

“A big thank you to all our existing investors and a warm welcome to all our new investors.”

Alongside its banking regulatory milestone, the company has announced a funding round led by MassMutual Ventures, NordicNinja and Breega. Further participation in the round came from Notion Capital and EQT Ventures.

“Today’s announcement is a culmination of years of hard work by the incredible team at Griffin,” said David Jarvis, Griffin CEO.

“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.”

It took 10 months to go from application to mobilisation. Fintech company Revolut first applied for a banking licence in 2021 but is still awaiting a final decision.