Banking as a service fintech agency Griffin has raised £12.5m in a funding spherical to assist the occasion of its API banking platform.
Based mostly in London, Griffin is setting up a full-stack platform that objectives to streamline the effectivity of financial corporations.
Amongst Griffin’s guidelines of corporations is the monitoring of funds and the administration of compliance duties.
The agency has moreover utilized for a banking licence so as that it’s going to most likely current open banking corporations and full monetary establishment accounts to customers for the sending and receiving of funds.
With the model new funds, Griffin has now raised an entire of $27m (£22.4m). The agency beforehand raised £6.5m in November 2020.
“With this injection of funding, we are able to proceed to innovate, scale our enterprise, and concentrate on constructing the most effective banking platform attainable,” acknowledged David Jarvis, co-founder and CEO of Griffin.
The funding spherical was led by Notion Capital, an on a regular basis backer of software program program as a service (SaaS) startups.
“SaaS is lastly consuming the monetary providers sector the way in which it has each different trade, and Griffin will empower fintechs to construct and launch monetary merchandise with a single safe and fashionable SaaS platform,” acknowledged Stephen Chandler, managing confederate at Notion Capital.
“I’m thrilled to assist the group as they rewrite the way in which corporations work together with banks and speed up development.”
Different people inside the funding spherical included angel merchants William Hockey, Nilan Peiris, Rob Straathof, and Shane Happach. Current investor EQT Ventures has moreover joined inside the spherical.
“The monetary providers trade has not saved tempo with client developments and tech innovation, creating demand for a developer-friendly financial institution constructed on fashionable APIs and intuitive software program,” acknowledged Tom Mendoza, enterprise confederate at EQT Ventures and Griffin board member.
“Griffin goals to problem the established order by providing a full-stack banking platform that may make it quick, easy, and cost-effective for manufacturers to launch monetary merchandise. This inflow of capital will drive the subsequent part of the corporate’s formidable journey.”