London-based fintech startup Griffin has raised $15.5 million in funding to launch the OS for embedded finance. Leading the round was Notion Capital, with participation from existing investor EQT Ventures and angel investors, including William Hockey, co-founder of Plaid and founder and co-CEO of Column, Nilan Peiris, VP of growth at Wise, Rob Straathof, CEO at Liberis and Shane Happach, CEO of Mollie and ex CCO of Worldpay.
The company has raised $27 million of funding to date. The Banking as a Service (BaaS) startup will use the new money to build an API-first banking platform that brings the power of self-service software to the financial services industry.
The funding comes on the back of its major milestone towards becoming an authorised bank, as the company has submitted its banking authorisation application to the PRA and FCA.
Founded in 2017, Griffin aims to become the bank that fintechs can build on. The company is building a full-stack integrated BaaS platform, powered by modern user-friendly technology. It wants to make it simple for fintech organisations to embed financial products, letting them instead focus on building products for their customers, rather than managing complex back-end infrastructure and compliance operations.
David Jarvis, Griffin CEO and co-founder said: “With this capital injection, we can continue to innovate, scale our business, and focus on building the best banking platform possible.”
“SaaS is finally eating the financial services sector the way it has every other industry, and Griffin will empower fintechs to build and launch financial products with a single secure and modern SaaS platform,” Stephen Chandler, managing partner at Notion Capital said.