The London-based corporate is development an API-first Banking as-a-Provider (BaaS) platform, designed to couple best-in-class generation with the protection and reliability of an accredited financial institution
Thursday twelfth Might 2022, London – As of late, Griffin – a UK Banking-as-a-Provider (BaaS) fintech – proclaims the crowning glory of crucial step in its utility for a banking licence. Griffin has submitted its utility to the Prudential Legislation Authority (PRA) and the Monetary Behavior Authority (FCA).
David Jarvis, Griffin CEO
“It is a primary milestone for the corporate and an immediate results of the group’s exhausting paintings and considerate method to development a legitimate inside construction, sturdy industry type, and dependable generation platform,” John Weguelin, Griffin Chair. “I and the Board are extremely joyful to toughen the group on its adventure to searching for authorisation to turn out to be a financial institution.”
Griffin’s BaaS platform is designed to supply fintechs of all sizes with a one-stop store for bringing their merchandise to marketplace, together with get admission to to the entire 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 calls for corporations like Griffin to reveal that they meet key regulatory necessities and expectancies, together with efficient governance preparations, a viable and sustainable industry type, good enough capital and liquidity and secure and protected infrastructure and operations. Few companies searching for authorisation achieve this level: most effective 28% of businesses that held preliminary conferences with the regulators reached the applying submission level between 2013 and September 2019, in keeping with the PRA and the FCA.
The street to turning into the de facto banking platform for fintech innovation
Fashionable customers call for digital-first finance, developing a large alternative with the embedded finance marketplace most probably to succeed in $7.2tn by means of 2030, in keeping with a document by means of Informa. Alternatively, the method for development and launching monetary services and products tool continues to be lengthy, dear and constructed on old-fashioned generation. As of late, fintechs are pressured to combine disparate platforms throughout more than one companions with lengthy onboarding instances – stifling innovation and prolonging time to marketplace.
“From the start, we’ve identified {that a} full-stack method delivers extra price to consumers.” mentioned David Jarvis, CEO and co-founder of Griffin. “Our platform brings traditionally siloed infrastructure elements that every one percentage an information type right into a unmarried platform, permitting fintechs to release temporarily with out compromising on compliance or operational resilience. We’re extremely proud to have reached this milestone in our adventure to turn out to be a financial institution that our consumers can construct on.”
Enabling embedded finance with a developer-friendly, self-service method
“As of late, banks aren’t smartly supplied to toughen the seamless and contextual enjoy customers have come to be expecting,” Tom Mendoza, EQT Ventures spouse and funding consultant, mentioned. “There may be these days an opening out there for a developer-led, full-stack method to generation and banking. Griffin represents the long run on the subject of powering the following technology of fintech and embedded finance.”
The corporate targets to carry cutting-edge tool, radical pricing transparency, and an API-first method to the United Kingdom monetary services and products sector. Moreover, Griffin’s BaaS platform will give you the energy of SaaS generation and fashionable developer gear to the following technology of UK fintechs.
“Griffin’s platform permits fintechs to concentrate on what they do superb—developing cutting edge merchandise and studies—no longer managing back-end infrastructure and compliance processes” Amy Kirk, unbiased non-executive director at Griffin and present board member of Monzo and FCMB UK mentioned. “Filing this utility brings the corporate one step nearer to actualising its bold imaginative and prescient.”
About Griffin
Griffin is making the financial institution you’ll be able to construct on. The corporate is growing an API-first, full-stack Banking as a Provider supplier that we could corporations center of attention on development merchandise for his or her consumers, no longer managing back-end infrastructure and compliance operations. Griffin was once based by means of Silicon Valley engineers David Jarvis and Allen Rohner (who in the past co-founded tech unicorn CircleCI), along side a group of banking and generation executives from the Financial institution of England – PRA, Nasdaq, Visa, HSBC, Form3, Monzo, SWIFT, GoCardless and extra. Griffin is founded in the United Kingdom and sponsored by means of traders EQT Ventures, Tribe Capital and Seedcamp. Be told extra: www.griffin.sh
