Griffin applies its BaaS platform to Fintech innovation with launch of new sandbox
Fintech for banking-as-a-service Griffin is officially moving the sandbox out of beta to allow developers to test and develop proof of concepts for embedded financial products.
The Griffin sandbox can now be accessed by fintechs and developers who want to build a prototype or experiment on Griffin’s platform. Access is unlimited and costs nothing.
“We aim to lower the barriers to entry for fintechs and brands building embedded financial products, and the launch of our sandbox is an important step forward,” David Jarvisexplains the company’s managing director and co-founder.
“Our open platform will make it easy and accessible for engineers or product managers to start building without the financial commitment, sales calls, NDAs or long wait times,” continues Jarvis.
Griffin sandbox features
The sandbox enables engineers to test and develop concepts using Griffin’s full-stack BaaS platform and financial crime prevention tools.
The sandbox can be accessed by either integrating directly against the API or by using the Griffin dashboard.
Currently, the sandbox allows users to simulate specific product operations, including customer onboarding and running KYC/KYB verification checks with Verify; Griffin’s onboarding product.
Users can also use the sandbox to open an operational bank account for their own organization and generate segregated bank accounts (protected and client money) for their clients.
Sandkassen also allows users to make payments to external accounts and transfers between internal accounts, as well as add new payees and view payments and transactions.
Breaking down barriers for fintechs
ProMEX is one of the first companies to use Griffin’s sandbox. The Hong Kong-based company offers a digital marketplace for trading physical goods for cash or shares.
It engaged in the sandbox to build a prototype version of its app for the UK market.
Through Griffin’s sandbox, ProMEX was able to build a prototype of its app. This prototype included customizing KYC workflows, testing the decision accuracy of identity checks, creating fake customer bank accounts and simulating payments between buyers and sellers.
“As a fintech in the early stages of expansion in the UK, we sought a platform that would provide an open and collaborative iteration process,” says the company’s CSO, Guido Glowania.
“By building and testing our MVP on Griffin’s sandbox, we have significantly reduced the time and resources needed to build our UK app, allowing us to focus on launching the product and driving adoption in the UK market,” continues Glowania.
To become a bank
Announced in May this year, Griffin is currently seeking authorization to become a bank with Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA).
After authorization, fintech’s users will be able to engage with the platform to build and launch regulated apps for financial services.
Created by experienced Silicon Valley entrepreneur-engineers and led by a team of banking and technology experts, Griffin recently closed a $15.5 million funding round led by The concept of capital.
“The industry is hungry for a banking partner that can break down barriers to entry for new fintechs and allow innovators to build and launch at speed,” says Stephen Chandler, Notion Capital’s managing partner. “The launch of Griffin’s sandbox is a critical step in becoming the bank you can build on.”
