Griffin raises $ 15 million for its full-stack BaaS platform
Banking-as-a-service (BaaS) fintech Griffin has raised an additional $ 15.5 million in funding as it develops an API-first, full-stack BaaS platform that allows financial companies to focus on building products for their customers .
The latest round, led by Notion Capital, will be used to further develop the core banking platform and recruit new talent to the management and operations teams. It takes the total amount raised by the startup to $ 27 million.
Griffin was founded in 2017 by software engineer David Jarvis and Allen Rohner, founder and former CTO of tech unicorn CircleCI. Since the last financing announcement at the end of 2020, the London-based fintech has tripled in size and started commercializing its platform, which is currently only available for exclusive early access. It is currently awaiting an application for bank authorization from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), which if granted will make Griffin an authorized bank.
The latest round of funding also saw participation from existing investor EQT Ventures, as well as fintech angels including Plaid Co-founder William Hockey; Nilan Peiris, VP of Growth at Wise; and Shane Happach, CEO of Mollie and former CCO of Worldpay.
Griffin “challenges status quo”
Tom Mendoza, EQT Ventures partner and board member at Griffin, says: “The financial industry has not kept pace with consumer trends and technological innovation, creating demand for a developer-friendly bank built on modern APIs and intuitive software. Griffin aims to challenge the status quo by offering a full-stack banking platform that will make it quick, easy and cost-effective for brands to launch financial products. This influx of capital will drive the next phase of the company’s ambitious journey. “
Stephen Chandler, Managing Partner at Notion Capital, adds: “SaaS is finally eating the financial sector as it has any other industry, and Griffin wants to give fintech the opportunity to build and launch financial products with a single secure and modern SaaS platform. I’m thrilled over supporting the team as they rewrite the way companies interact with banks and accelerate growth. ”
As part of the investment, Chandler will join the Griffin board. He brings previous investment experience from fintech unicorns such as GoCardless and Paddle, as well as a wealth of industry knowledge and expertise.
“We are excited to work with Notion Capital and have some of Stephen’s caliber on our board,” said Griffin CEO David Jarvis. “His experience fits perfectly with our vision of blending banking worlds and technology into one powerful platform. With this supply of finance, we can continue to innovate, scale our business and focus on building the best possible banking platform.”
