Tech

Griffin Financial Technology Secures £ 13.02m of Series A Led by Notion Capital – UK Technology Investment News

  • London-based startup Banking as a Service (BaaS), Griffin, raises a $ 15.5 million funding round led by SaaS Notion Capital’s heavyweight
  • The investment will be used to build an API-first banking platform that brings the power of self-service software to the financial services industry
  • The financing follows an important milestone towards becoming a licensed bank, as the company has done has submitted its application for banking authorization to PRA and FCA

London, July 7, 2022. Today, Griffin – a fintech Banking as a Service (BaaS) firm – announces that it has raised $ 15.5 million (£ 12.5 million) to launch the embedded finance operating system. The round was led by Notion Capital, with the participation of existing investor EQT Ventures and fintech angels including William Hockey, co-founder of Plaid and founder and co-CEO of Column, Nilan Peiris, VP of Growth at Wise, Rob Straathof, CEO of Liberis and Shane Happach, CEO of Mollie and former CCO Worldpay.

Griffin also welcomes Notion Capital co-founder and managing partner Stephen Chandler to its board of directors. Chandler’s previous investments include the GoCardless and Paddle fintech unicorns and brings Griffin extensive industry knowledge and operational experience in both banking and software.

“We are thrilled to be working with Notion Capital and to have someone of Stephen’s caliber on our board. His experience fits perfectly with our vision of merging the worlds of banking and technology into one powerful platform, “said David Jarvis, CEO and co-founder of Griffin.” With this funding injection, we can continue to innovate, expand our business and focus on building the best banking platform possible “.

Griffin is building a vertically integrated full-stack BaaS platform powered by modern user-friendly technology. The company has raised $ 27 million in funding to date and recently has applied to the PRA and the FCA to become an authorized bank. Notion and other investors recognize it as a key market differentiator for the company. Becoming a bank would allow Griffin to offer banking services and a more comprehensive BaaS platform than its middleware competitors. Griffin’s vision is to be a long-term stable banking partner for innovative fintechs that often struggle with time-consuming and expensive onboarding processes and integration with legacy technology at established banks.

“SaaS is finally eating up the financial services industry like any other industry and Griffin will enable fintechs to create and launch financial products with a single secure and modern SaaS platform,” said Stephen Chandler, Managing Partner of Notion Capital. “I’m thrilled to support the team as they rewrite the way businesses interact with banks and accelerate growth.”

In addition to clear market demand for a full-stack BaaS provider, Notion and other investors also backed Griffin based on the caliber of his leadership. David Jarvis and Allen Rohner, founders and former CTO of tech unicorn CircleCI, founded the company in 2017 and have since assembled a formidable team of Bank of England technology and banking leaders: PRA, Visa, HSBC, Form3, SWIFT, Monzo, GoCardless, Atlassian, Snyk and more.

Since its last funding announcement in November 2020, Griffin has tripled in size and has begun marketing its platform, which is currently available for exclusive early access. This new round of investment will be used to grow leadership and operational teams and continue building the core banking platform. Griffin is also committed to protecting its corporate culture as it grows. The company’s culture is based on trust, kindness and transparency and supports its goal of becoming the bank for builders and innovators.

“The financial services industry has not kept pace with consumer trends and technological innovation, creating demand for a developer-friendly bank based on modern APIs and intuitive software,” added Tom Mendoza, partner of EQT Ventures and Griffin board member. Griffin aims to challenge the status quo by offering a full-stack banking platform that will make launching financial products fast, simple and affordable for brands. This inflow of capital will guide the next phase of the company’s ambitious journey. ”

About Griffin

Griffin is making the bank you can build on. The company is developing an API-based full stack Banking as a Service platform that allows companies to focus on building products for their customers, not managing backend infrastructure and compliance operations. Griffin was founded by Silicon Valley engineers David Jarvis and Allen Rohner (co-founder of the technology unicorn CircleCI) and a team of banking and technology executives from the Bank of England: PRA, Nasdaq, Visa HSBC, Form3, Monzo, SWIFT , GoCardless and more. Griffin is based in the UK and is backed by investors EQT Ventures, Tribe Capital and Seedcamp. Find out more: www.griffin.sh

About the notion of capital

Notion Capital is a European B2B SaaS and Cloud VC with over $ 700 million in assets under management, with over 100 investments to date. The Notion team founded, built and exited two highly successful SaaS companies – Star and MessageLabs – and invests exclusively in exceptional founders with the ambition to create global category leaders. The Notion portfolio includes Currencycloud, Dixa, GoCardless, Mews, Paddle, Tradeshift and Unbabel. Notion is also the founder of Incluso VC, the venture capital scholarship for individuals from diverse and neglected communities around the world.

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Griffin Financial Technology Secures £ 13.02m of Series A Led by Notion Capital – UK Technology Investment News

Source link Griffin Financial Technology Secures £ 13.02m of Series A Led by Notion Capital – UK Technology Investment News

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