Griffin receives full UK banking licence and $24m investment to spur growth
Banking-as-a-Service (BaaS) provider Griffin has gained the approval of the UK’s financial regulators to launch as a fully operational bank.
Griffin granted full UK banking licence
The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have granted the platform a full UK banking licence, ending its mobilisation period.
The licence comes almost exactly a year after it was approved for an authorised with restrictions (AwR) banking licence, which enabled it to operate as a bank but within the parameters of certain restrictions.
David Jarvis, CEO of Griffin, comments that the announcement is “a culmination of years of hard work” as the company becomes the UK’s first full-stack BaaS platform with a full banking licence.
Griffin says its expanded licence has readied it for “accelerated growth”, headed by the go-live of its pilot customers and those taking part in its early access Foundations programme.
Additionally, the platform has received a $24 million (£19 million) capital boost in conjunction with its licence approval through a funding round co-led by MassMutual Ventures and EU Article 8 funds NordicNinja and Breega.
Notion Capital and EQT Ventures, which previously supported Griffin’s $13.5 million Series A funding round back in June, also participated in this latest round.
