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Griffin submits application for UK banking authorisation, hitting major milestone in building a developer-friendly bank for fintechs

The London-based firm is constructing an API-first Banking as-a-Service (BaaS) platform, designed to couple best-in-class know-how with the safety and reliability of an authorised financial institution

Thursday twelfth Could 2022, London – Right this moment, Griffin – a UK Banking-as-a-Service (BaaS) fintech – publicizes the completion of an vital step in its software for a banking licence. Griffin has submitted its software to the Prudential Regulation Authority (PRA) and the Monetary Conduct Authority (FCA).

David Jarvis, Griffin CEO

“It is a main milestone for the corporate and a direct results of the group’s laborious work and considerate strategy to constructing a sound inside construction, robust enterprise mannequin, and dependable know-how platform,” John Weguelin, Griffin Chair. “I and the Board are thrilled to assist the group on its journey to looking for authorisation to turn out to be a financial institution.”

Griffin’s BaaS platform is designed to offer fintechs of all sizes with a one-stop store for bringing their merchandise to market, together with entry to all of the UK’s fee rails, financial institution accounts, debit playing cards, an built-in ledger, and buyer onboarding automation.

The method for making use of for a banking licence requires firms like Griffin to exhibit that they meet key regulatory necessities and expectations, together with efficient governance preparations, a viable and sustainable enterprise mannequin, satisfactory capital and liquidity and secure and safe infrastructure and operations. Few corporations looking for authorisation attain this stage: solely 28% of firms that held preliminary conferences with the regulators reached the applying submission stage between 2013 and September 2019, according to the PRA and the FCA.

The street to changing into the de facto banking platform for fintech innovation

Trendy customers demand digital-first finance, creating a large alternative with the embedded finance market prone to attain $7.2tn by 2030, according to a report by Informa. Nevertheless, the method for constructing and launching monetary providers software program continues to be lengthy, costly and constructed on outdated know-how. Right this moment, fintechs are pressured to combine disparate platforms throughout a number of companions with lengthy onboarding instances – stifling innovation and prolonging time to market.

“From the start, we’ve recognized {that a} full-stack strategy delivers extra worth to prospects.” stated David Jarvis, CEO and co-founder of Griffin. “Our platform brings traditionally siloed infrastructure parts that every one share an information mannequin right into a single platform, permitting fintechs to launch shortly with out compromising on compliance or operational resilience. We’re extremely proud to have reached this milestone in our journey to turn out to be a financial institution that our prospects can construct on.”

Enabling embedded finance with a developer-friendly, self-service strategy

“Right this moment, banks aren’t properly outfitted to assist the seamless and contextual expertise customers have come to count on,” Tom Mendoza, EQT Ventures associate and funding advisor, stated. “There may be at the moment a niche available in the market for a developer-led, full-stack strategy to know-how and banking. Griffin represents the long run relating to powering the subsequent technology of fintech and embedded finance.”

The corporate goals to deliver state-of-the-art software program, radical pricing transparency, and an API-first strategy to the UK monetary providers sector. Moreover, Griffin’s BaaS platform will present the ability of SaaS know-how and trendy developer instruments to the subsequent technology of UK fintechs.

“Griffin’s platform allows fintechs to concentrate on what they do finest—creating progressive merchandise and experiences—not managing back-end infrastructure and compliance processes” Amy Kirk, unbiased non-executive director at Griffin and present board member of Monzo and FCMB UK stated. “Submitting this software brings the corporate one step nearer to actualising its formidable imaginative and prescient.”

About Griffin
Griffin is making the financial institution you possibly can construct on. The corporate is growing an API-first, full-stack Banking as a Service supplier that lets firms concentrate on constructing merchandise for his or her prospects, not managing back-end infrastructure and compliance operations. Griffin was based by Silicon Valley engineers David Jarvis and Allen Rohner (who beforehand co-founded tech unicorn CircleCI), together with a group of banking and know-how executives from the Financial institution of England – PRA, Nasdaq, Visa, HSBC, Form3, Monzo, SWIFT, GoCardless and extra. Griffin relies within the UK and backed by traders EQT Ventures, Tribe Capital and Seedcamp. Be taught extra:

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