Unlike Revolut, Griffin obtains FCA banking license with ease

Unlike Revolut, Griffin obtains FCA banking license with ease

Following $28M investment, banking-as-service startup makes inroads into the UK

Started by ex-Silicon Valley engineers, Griffin Bank, a UK company, just got a banking license after about a year of applying. This means it’s been approved by the UK’s financial regulators to become a fully operational bank, leaving behind the mobilization phase.

Griffin got its license about a year after applying, which is quite different from Revolut, a top UK fintech company, which hasn’t gotten its banking license yet, despite talking about it for three years. Revolut might feel better knowing that only 28% of companies even get to the stage of submitting an application, according to the PRA and FCA from 2013 to 2019.

Griffin claims it provides a comprehensive platform for fintech firms to provide banking, payment, and wealth services with automated compliance and a linked ledger. Rather than directly offering bank accounts to individuals, Griffin is more inclined to serve other businesses seeking to embed financial services like savings and safekeeping accounts, along with accounts for managing client funds.

Investors are confident in Griffin’s goals. Following a $28.1 million raise, Griffin has now secured an additional $24 million (£19 million) in an extended Series A round. MassMutual Ventures, NordicNinja, and Breega led this round, joined by previous investors Notion Capital and EQT Ventures. Previously, Griffin bagged $13.5 million in Series A. Altogether, Griffin has raised approximately $52 million since its establishment in 2017.

Griffin’s founders, David Jarvis and Allen Rohner, have valuable experience. Jarvis worked as an early engineer at Standard Treasury (bought by Silicon Valley Bank in 2015) and later joined Airbnb, focusing on infrastructure. Rohner founded software startup CircleCI. Together with Jarvis, he co-authored “Learning ClojureScript,” a beginner’s guide to the language Griffin employs for its systems.

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