UK-based fintech Griffin has submitted its banking licence application to the Prudential Regulation Authority (PRA) and The Financial Conduct Authority (FCA).

Griffin is a banking-as-a-service (BaaS) provider catering to fintech players of all sizes.

Through Griffin, fintechs can gain access to services such as all the UK’s payment rails, bank accounts, debit cards, an integrated ledger, and customer onboarding automation.

Griffin CEO and co-founder David Jarvis said: “From the beginning, we have known that a full-stack approach delivers more value to customers.

“Our platform brings historically siloed infrastructure components that all share a data model into a single platform, allowing fintechs to launch quickly without compromising on compliance or operational resilience.”

Griffin, which first revealed its intention to become a bank in November 2020, seeks to become the go-to BaaS provider for clients.

The fintech aims to bring an API-first approach to the UK financial services market along with ‘state-of-the-art’ software, competitive pricing and transparency.

Additionally, Griffin said its platform will equip the next generation of UK fintechs with the power of SaaS technology and modern developer tools.

EQT Ventures partner and investment advisor Tom Mendoza said: “Today, banks are not well equipped to support the seamless and contextual experience consumers have come to expect. There is currently a gap in the market for a developer-led, full-stack approach to technology and banking.”

Last year, Challenger bank GBB and fintech startup Kroo secured a banking licence from the FCA and PRA