Banking-as-a-service provider Griffin raises £13.5m

The round was led by global VC firm MassMutual Ventures

Griffin, a UK-based banking-as-a-service provider, announced today that it has raised $13.5m in a series A funding round.

The fresh funds will be used to prepare the fintech for exiting the mobilisation period (authorisation with restrictions), which is subject to regulatory approval.

The funds will also be used to support Griffin’s commercial activities and further develop its embedded finance platform.

The round was led by global VC firm MassMutual Ventures, with participation from existing investors Seedcamp, Notion Capital and EQT Ventures.

Last year, Griffin raised £12.5m in a round led by Notion Capital, and in 2020 raised £6.5m from EQT Ventures.

The latest funding round comes on the heels of Griffin securing a UK banking licence, which allows the fintech to hold a limited amount of deposits and start to offer payment services.

David Jarvis, chief executive officer of Griffin, said: “This funding round not only validates our mission and strategy but also equips us with the resources to continue to deliver our innovative banking solutions to more customers.”

Ryan Collins, managing partner at MassMutual Ventures, commented: “Griffin’s licence and BaaS platform represent unique capabilities in the UK market and enable it to become a pillar for the fintech ecosystem.

“Its comprehensive product suite is tailored to serve fintechs, payment services providers and brands looking to embed finance offerings.”

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Image: Griffin

Mark Dugdale