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‘Banking-as-a-Service’ startup Griffin raises $24M as it attains full banking license
Founded by former Silicon Valley engineers, UK-based Griffin Bank bills itself as an API-driven ‘Banking as a Service’ platform. After raising $28.1 Founded by former Silicon Valley engineers, UK-based Griffin Bank bills itself as an API-driven ‘Banking as a Service’ platform. After raising $28.1 million, it has now raised another $24 million (£19 million) in a fresh, extended Series A, funding round led by MassMutual Ventures, NordicNinja and Breega, with participation from existing investors Notion Capital and EQT Ventures. In June last year Griffin raised a $13.5 million in a Series A round led by MassMutual Ventures, with participation from existing investors. That brings it’s total raised to around $52 million since founding in 2017.
The move stands in marked contrast to Revolut, the UK’s most valuable fintech, which, despite repeatedly stating its intentions, has yet to secure a banking licence, despite trying for three years. Founders David Jarvis and Allen Rohner previously co-founded tech unicorn CircleCI, and were backed at the early stage by Seedcamp. Jarvis was an early engineer at Standard Treasury (acquired by Silicon Valley Bank in 2015), after which he he joined Airbnb, working on infrastructure.
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