BaaS provider Griffin closes $15.5m round

Banking-as-a-service platform Griffin has raised $15.5m in fresh funding to support the launch of the operating system for embedded finance.

Notion Capital led the round, with capital also coming from EQT Ventures, and several angel investors, including Plaid co-founder William Hockey Wise VP of Growth Nilan Peiris, Liberis CEO Rob Straathof and Mollie CEO Shane Happach.

Alongside the investment, Notion Capital co-founder and managing partner Stephen Chandler has joined the Griffin board of directors.

The fresh funds will help Griffin grow its leadership and operational teams and continue to build its core banking platform.

It also said it is keen to protect the company culture as it scales, stating that its culture is based on trust, kindness and transparency and underpins its goal of becoming the bank for builders and innovators.

Griffin previously raised $6.5m in funding back in November 2020 and since then it has tripled in size.

The company is building a full-stack vertically integrated banking-as-a-service platform.

Its services include, compliance-as-a-service, business banking, banking infrastructure, payment tools and credit solutions.

Notion Capital managing partner Stephen Chandler said, “SaaS is finally eating the financial services sector the way it has every other industry, and Griffin will empower FinTechs to build and launch financial products with a single secure and modern SaaS platform.

“I’m thrilled to support the team as they rewrite the way companies interact with banks and accelerate growth.”

Griffin has raised a total of $27m in funding, to-date.

It recently applied to the PRA and FCA to become an authorised bank. By becoming a bank, Griffin hopes to offer more banking services to clients.

Griffin recently adopted Clausematch’s compliance technology. It is leveraging the service for drafting and reviewing all the documentation required for its application to become a bank.

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