Griffin raises £6.5m in a seed follow-on round led by EQT Ventures to advance its banking platform.
The funding was led by EQT Ventures and will support product development and regulatory applications.
Griffin is a full-stack Banking as a Service platform that provides automated compliance technology and integrated ledgers for technology-driven firms. It operates as an API-first UK bank following regulatory approval to exit mobilisation.
Griffin has secured £6.5m in a seed follow-on round led by EQT Ventures. The capital will be used to support product development, expand the headcount and progress regulatory authorisation with the PRA and FCA.
Participation in the round also came from Seedcamp, Tribe Capital, Paul Forster, Matt Robinson and Carlos Gonzalez-Cadenas. The latest injection follows a previous £3m seed round earlier in the year as the firm works towards its goal of becoming a full service banking partner for fintechs and brands.
From the founder
"Every company needs a banking partner, a ledger, and the necessary compliance infrastructure to launch a financial services product,"
David Jarvis
CEO at Griffin
Investor perspective
"The EQT Ventures team have been following BaaS for a number of years, and we believe that Griffin has the right ingredients to be the winner in this space. We’re bullish due to the company’s unique approach – developer-first that integrates compliance, the ledger and bank (license) – and the incredibly strong founder-market fit. Also, timing couldn’t be stronger due to the combination of explosive Fintech growth, consumer brands launching financial services, such as Apple, and the advent of embedded finance."
Tom Mendoza
Partner, EQT Ventures
Use of funds
- 01Continue product development
- 02Grow the team
- 03Scale operations
