Summary List Placement
Griffin, a UK banking-as-a-service platform, has raised £6.5 million ($8.6 million), led by EQT Ventures.
Founded in 2017, Griffin wants to make an API-first bank which will reduce the cost of banking services for businesses.
When companies want to launch new financial products, finding a banking partner can be a slow and expensive process, something Griffin is seeking to change.
“This new round gives us years of runway,” David Jarvis, Griffin cofounder and CEO told Business Insider in an interview. “It allows us to move from scarcity mentality to get things done more quickly.”
Grffin will use the investment to further its product development, hire more people and continue the bank authorization process with the PRA and FCA. Jarvis declined to comment on when the authorization may come but suggested that the company would be able to move faster with the new funding.
Negotiations with EQT were completed over the summer over video chat, and a two-hour socially distanced walk in London’s Hyde Park between Jarvis and EQT’s deal lead, Tom Mendoza. “Our first funding round took a long time because banking-as-a-service is a hard market to understand,” Jarvis added. “This process was far simpler.”
This new round follows the company’s previous £3 million …read more
Source:: Businessinsider – Technology