UK fintech Griffin lands £12.5m in latest funding round – UKTN

Photo by Christin Hume on Unsplash

Fintech brand Griffin has sealed a new £12.5m round of funding to help design and launch a new embedded financial services operating system.

Griffin catches the eye of proven fintech innovators

Their latest round of funding was handled by Notion Capital, including former investor EQT Ventures and a number of additional fintech ‘angels’ such as Plaid co-founder and Column founder William Hockey. As a result, Notion Capital’s managing partner, Stephen Chandler, has been awarded a seat on Griffin’s board.

Chandler has melded the technology and finance worlds in previous years, including his roles with fintech unicorns Paddle and GoCardless.

Specialist venture capitalist firms like Notion aren’t the only reason funding rounds remain plentiful despite the still uncertain economic climate. For example, the automation of funding rounds has led to a revolutionary simplification of administrative processes. Once upon a time, the process of completing funding rounds depended on expensive lawyers, indefinite waiting periods and reusing the same old legal documents.

But now, with brands like SeedLegals automating the legal side of funding rounds, closing investments is cheaper, easier and less time-consuming. Effectively, SeedLegals streamlines all legal workflows to save startups thousands in fees that can be invested in growth instead.

Griffin has thrived since the last funding round

Griffin last raised a funding round in the fall of 2020, and since then it has been on an upward curve. The business has grown threefold in that time and has already begun an “early access” commercialization of its banking-as-a-service (BaaS) portal. The opportunity to further develop its core banking platform with this fresh investment gives Griffin a legitimate opportunity to disrupt the next-generation financial scene.

Griffin has also shown a strong commitment to anchoring its corporate culture throughout the growth path. Its ethos is focused on delivering transparency, friendliness and trust, with the overall goal of becoming the leading BaaS portal to facilitate innovative financial services and credit products for the future.

That vision is shared by Griffin board member Tom Mendoza, who believes the financial sector has “not kept up with consumer trends” when it comes to banking. Mendoza sees Griffin serving the ideal purpose of a “developer-friendly bank” underpinned by “modern APIs and intuitive software”.