London-based fintech firm, Griffin, has obtained a noteworthy $24 million in a Series A extension funding round. This round witnessed the participation of investors like MassMutual Ventures, Nordic Ninja, and Breega, alongside contributions from previous investors such as Notion Capital and EQT Ventures. The significant funding will aid Griffin’s growth pursuits, enhancing its banking-as-a-service (BaaS) solutions and increasing its reach in the digital finance space.
As a driver of change in modern banking, Griffin’s objective is to use these funds to bolster technological advancements and deepen market penetration. Launched in 2017, Griffin allows fintech establishments to present banking services like payments, savings, and deposits without internal development by relying on a subscription-based model. Clients are handed tools that make financial operations more streamlined, easing their focus on key business activities.
Griffin has a unique standing in the fintech market as it holds a bona fide banking license, unlike its competitors equipped with just e-money licenses. This facilitates a broader array of financial services to its patrons and ensures impeccable regulatory compliance, paving the way for stronger credibility and reliability.
This funding comes after the previous Series A financing round in June which raised $13.5 million. These funds are targeted towards Griffin’s aim of acquiring full certification, a goal anticipated to span an 18-month period. David Jarvis, the founder, announced that the funds will be allocated to improving Griffin’s technological architecture, accelerating its cloud platform progress, and expanding its workforce to meet growing demands.
The road to full authorization may not be devoid of obstacles, particularly adhering to the stringent regulatory standards. However, surpassing these blocks could establish Griffin as a strong contender in the BaaS industry. It could also promote reassurances of Griffin’s reliability and commitment to industry practices, presenting it with a competitive advantage.
Post-achievement of its full banking license, Griffin aims to transition its clients from the early access phase in the coming weeks. This sees the company anticipating a stage-by-stage shift for its clientele, as they navigate the future of digital banking with Griffin.
