London-based Banking-as-a-Service provider Griffin has raised a £6.5 million round led by EQT Ventures. This investment follows the company’s previous £3 million seed round announced earlier this year. Seedcamp, Tribe Capital and a handful of angel investors — Paul Forster (co-founder Indeed.com), Matt Robinson (co-founder Go-Cardless/Nested) and Carlos Gonzalez-Cadenas (COO GoCardless) — also joined the round.
The UK startup wants to make fintech innovation run even faster.
“Every company needs a banking partner, a ledger, and the necessary compliance infrastructure to launch a financial services product. These systems all need to be kept in sync with each other, which is why it’s crazy that everyone ends up stitching together ad-hoc solutions rather than leveraging a single vertically integrated solution,” explains David Jarvis, co-founder and CEO at Griffin. “We want to be the one-stop shop for companies seeking to bring something new to market.”
The API platform combines digital banking with the security and robust controls of an authorised bank. Griffin says companies using its platform will be able to self-serve and start integrating immediately, reducing their go-to-market time from months to weeks.
EQT Ventures invested because it’s a developer-first BaaS tool that “integrates compliance, the ledger and bank (license).” The firm says its proprietary AI platform, Motherbrain, identified the UK startup. Built to discover fast-growing or under-the-radar startups, the platform has so far driven more than $100 million in portfolio investments in nine companies, including Griffin.
Photo: Griffin team