Because the company is now officially in mobilisation, the banking licence comes with certain restrictions. Griffin can hold a limited number of deposits and provide limited payment services.
The company will start working with a select group of customers who will receive early access to its Baas products as the bank prepares for general availability. One such early adopter is embedded finance solutions provider Liberis.
In addition, Griffin will seek to develop its systems and controls, as well as grow its team and continue to expand its BaaS product portfolio.
Griffin, which is a BaaS platform helping companies build and launch financial services products, applied for a banking licence in July 2022.
John Weguelin, Chair of the Board at Griffin, welcomed the announcement: “We are honoured to receive authorisation in the UK and grateful to the partners and customers that have supported us along the way
“The team will continue to work closely with the regulators in building an API-first bank while delivering best-in-class customer experience”, he added.
The announcement came after in 2022, Griffin managed to secure £12m in a funding round led by Notion Capital.
In September 2022, the company launched Verify, a product meant to help regulated fintech companies onboard clients without compromising regulatory requirements.
The fintech will be subject to further approval by the PRA and FCA to become an authorised bank without restrictions.