Griffin, a London, UK-based Banking as a Service platform, raised $13.5 million (£11 million) in a Series A funding round.
The round was led by MassMutual Ventures, a global venture capital firm, with participation from existing investors Seedcamp, Notion Capital, and EQT Ventures.
The newly acquired funds will primarily be utilized to navigate the "mobilization" period, also known as authorization with restrictions, pending regulatory approval. Additionally, the funds will support Griffin's commercial activities and contribute to the further development of its embedded finance platform.
"We’re fortunate to have found in MassMutual Ventures an investor with such conviction in what we're doing," said David Jarvis, CEO of Griffin. "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."
With this injection of capital, Griffin aims to strengthen its position in the market and enhance its capabilities to meet the evolving needs of its customers in the fintech sector.
Griffin has attracted early adopter customers such as Liberis, an embedded finance platform, and has formed notable partnerships with 11:FS and Cable.
Company: Griffin Bank Ltd.
Raised: $13.5M
Round: Series A
Funding Month: June 2023
Lead Investors: MassMutual Ventures
Additional Investors: Seedcamp, Notion Capital, and EQT Ventures
Company Website: https://griffin.com/
Software Category: Banking as a Service platform
About the Company: Founded in 2017 by David Jarvis and Allen Rohner, Griffin is an API-first UK bank and a full-stack Banking as a Service (BaaS) platform. It aims to become the preferred bank for companies seeking to embed finance within their products and services. The company offers a developer-friendly platform with a range of banking services and features supported by a UK banking license. The platform is designed to serve fintechs and innovative brands that want to incorporate financial services seamlessly into their products. Griffin operates as a regulated UK bank and holds a banking license authorized with restrictions by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority (FCA). The company's Firm Reference Number (FRN) is 970920.
Source: https://blog.griffin.com/2023/06/07/griffin-raises-13-5-million-in-series-a-funding-round-led-by-massmutual-ventures/