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Funding
Griffin raises USD 24 million in Series A extension; secures full banking license in UK
FinTech Infrastructure
Mar 11, 2024
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FinTech Infrastructure

FinTech Infrastructure

Mar 11, 2024

Griffin raises USD 24 million in Series A extension; secures full banking license in UK

Funding

  • UK-based Griffin, a banking-as-a-service (BaaS) infrastructure provider, has raised USD 24 million (~GBP 18.8 million) in an extended Series A round led by MassMutual Ventures, NordicNinja and Breega, with participation from Notion Capital, EQT Ventures, and others. Griffin's total funding is now GBP 52.1 million (~USD 66.6 million).

  • The company plans to use the funds to scale the bank and enhance its infrastructure offerings, including banking, payments, and wealth solutions.

  • Griffin also announced that it would secure its banking license from the UK's financial services regulators, the Prudential Regulation Authority (PRA), and the Financial Conduct Authority (FCA), allowing it to launch as a fully operational bank.

  • Analyst QuickTake: During the processing of its banking license application over the past 12 months, Griffin also raised USD 13.5 million in Series A funding in July 2023 to develop its core banking infrastructure and support go-to-market activities.

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