Based in the UK, Griffin offers a full-stack banking-as-a-service (BaaS) platform built on APIs and software. Its platform offers a range of services, covering bank account management, payment handling (through several payment rails such as FPS, Bacs, and CHAPS), debit card issuance, and compliance. The company caters to a range of end-users including digital wallets, marketplaces, and lending providers.
The company expanded its platform functionality by launching “Verify” in September 2022, to enable its clients to manage crime risk and automate KYC and KYB, when onboarding customers. The solution automates biometric verification, sanctions and media screenings, and fraud detection.
In March 2023, the company received authorization as a UK bank, enabling it to hold a limited amount of deposits and payments.
Griffin follows a pay-per-use business model and charges its users based on the volume of bank accounts and/or payments handled.
Key customers and partnerships
Griffin has expanded its operations, reportedly tripling its size between November 2020 and July 2022, and began commercializing its platform. As of June 2023, Liberis was an early adopter customer of Griffin.
Funding and financials
In March 2024, Griffin raised USD 24 million (~GBP 18.8 million) in an extended Series A round led by MassMutual Ventures. The company planned to use the funds to scale the bank and enhance its infrastructure offerings, including banking, payments, and wealth solutions. Griffin also raised USD 13.5 million in Series A funding in June 2023, led by MassMutual Ventures, to develop its core banking infrastructure and invest in go-to-market activities.
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