• London-based Bank-as-a-Service (BaaS) startup Griffin raises $15.5 million in funding round led by SaaS heavyweight Notion Capital
  • The investment will be used to build the first banking API platform that will bring the power of self-service software to the financial services industry
  • Funding is an important milestone on the way to becoming an authorized bank, just like a company has applied for a banking license to the PRA and FCA

London, July 7, 2022. today, Griffin – a Bank-as-a-Service (BaaS) fintech firm – announces it has raised $15.5m (£12.5m) to launch an embedded finance OS. The round was led by Notion Capital with participation from existing investor EQT Ventures, as well as fintech angels including William Hackey, co-founder of Plaid and co-founder and CEO of Column, Neilan Peiris, VP of Development at Wise, Rob Strathoff, CEO of Liberis and Shane Hapak, CEO of Mollie and former CCO of Worldpay.

Griffin also welcomes Notion Capital co-founder and managing partner Stephen Chandler to its board of directors. Chandler’s previous investments include fintech unicorns GoCardless and Paddle, and he brings a wealth of industry knowledge and banking and software experience to Griffin.

“We are very excited to partner with Notion Capital and have someone of Stephen’s caliber join our board of directors. His experience perfectly aligns with our vision to bring banking and technology together in one powerful platform,” said David Jarvis, CEO and co-founder of Griffin. “With this injection of funding, we can continue to innovate, scale our business and focus on building the best possible banking platform.”

Griffin is building a full-fledged, vertically integrated BaaS platform based on today’s user-friendly technology. The company has raised $27 million in funding to date and recently has applied to the PRA and FCA to become an authorized bank. Notion and other investors recognize this as a key market driver for the company. Becoming a bank will allow Griffin to offer banking services and a more comprehensive BaaS platform than its middleware competitors. Griffin’s vision is to be a stable long-term banking partner for innovative fintech companies that often struggle with long and expensive implementation processes and integration with legacy technologies at established banks.

“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 with a single, secure and modern SaaS platform,” said Stephen Chandler, managing partner of Notion Capital. “I’m excited to support the team as they rewrite the way companies engage with banks and accelerate growth.”

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

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

“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,” added Tom Mendoza, EQT Ventures Partner 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.”

About Griffin

Griffin creates a bank to build on. The company develops an API-first Bank-as-a-Service platform that allows companies to focus on building products for their customers rather than managing back-end infrastructure and compliance operations. Griffin was founded by Silicon Valley engineers David Jarvis and Allen Rohner (who co-founded tech 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. Learn more: www.griffin.sh

About Notion 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 ambitions to build global category leaders. Notion’s portfolio includes Currencycloud, Dixa, GoCardless, Mews, Paddle, Tradeshift and Unbabel. Notion is also the founder of Included VC, a venture capital scholarship for people from diverse and underserved communities around the world.

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Griffin Financial Technology secures £13.02 million Series A led by Notion Capital

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