Griffin Bags $15.5M Investment to Grow BaaS

Banking as a Service (BaaS) startup, Griffin, has netted $15.5 million in fresh funding, the company announced Thursday (July) 7.

The investment round was led by Notion Capital, with the participation of existing investor EQT Ventures and several angel investors with a track record of investing in and growing FinTech startups.

The latest funding means that Griffin has raised $27 million to date.

The new capital will be used to grow the company’s leadership and operation teams and to invest in product development.

As well as announcing new investment, Griffin today revealed the news that it has appointed Notion Capital co-founder and managing partner Stephen Chandler to its board of directors.

On the news, David Jarvis, Griffin CEO and co-founder said, “we’re thrilled to be working with Notion Capital and to have someone of Stephen’s caliber join our board. His experience fits perfectly with our vision to blend the worlds of banking and technology in one powerful platform.”

“With this injection of funding, we can continue to innovate, scale our business and focus on building the best banking platform possible,” he added.

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

Recently, the company submitted an application for a banking license in the U.K. If it is awarded one, it will join the many neobanks in the country that have evolved from banking apps with limited functionality to regulated banks with a greater range of savings, investment and loan options available to customers.

In June, Kroo became the latest neobank to achieve a full banking license, the highest tier license awarded by the Bank of England that will allow it to offer the full range of current account services, backed by an FCFS guarantee, which insures savers’ deposits up to 85,000 pounds.

More on this: UK Digital Bank Kroo Granted Banking License