Bank-as-a-Service financial technology company Griffin has raised £12.5m in a funding round to support the development of its banking API platform.

Based in London, Griffin builds a full-stack platform that aims to optimize the performance of financial services.

Griffin’s list of services includes cash tracking and task management.

The company has also applied for a banking license so that it can provide customers with open banking services and full bank accounts for sending and receiving payments.

With the new funds, Griffin has raised a total of $27m (£22.4m). The company before raised £6.5 million in November 2020

“With this injection of funding, we can continue to innovate, scale our business and focus on building the best banking platform possible,” said David Jarvis, co-founder and CEO of Griffin.

The investment round was led by Notion Capital, which regularly backs software-as-a-service (SaaS) startups.

“SaaS is finally eating up the financial services sector as it has every other industry, and Griffin will enable fintechs to build and run financial products using a single, secure and modern SaaS platform,” said Stephen Chandler, managing partner at Notion Capital.

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

Other participants in the funding round included angel investors William Hackey, Nilan Peiris, Rob Straathoff and Shane Hopach. Existing investor EQT Ventures also joined the round.

“The financial services industry is not keeping up with consumer trends and technological innovation, creating demand for a developer-friendly bank built on modern APIs and intuitive software,” said Tom Mendoza, venture partner at EQT Ventures and Griffin board member.

“Griffin aims to challenge the status quo by offering a full-featured banking platform that will enable brands to launch financial products quickly, simply and cost-effectively. This capital inflow will fuel the next phase of the company’s ambitious journey.”

Fintech Griffin raises £12.5m as it seeks banking licence

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