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May 13, 2022

UK-based BaaS fintech Griffin applies for banking licence

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

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2021 was a record-breaking year, with more businesses breaking into the billion-dollar club. Many start-ups have achieved or retained the unicorn status by the end of the year to reflect nearly a fivefold growth from that in 2020. This boom can be linked to a financing frenzy spurred by the quick adoption of technology and innovative solutions by start-ups gaining traction in response to the pandemic. However, the start-up ecosystem is now facing turbulent times for fundraising as investors seek long-term business strategies, valuations, and a route to profitability amid uncertain market circumstances. Nevertheless, 2022 has the potential to carry forward the momentum with multiple entities having a fair chance of being in the right place when aided by the right technologies. GlobalData leverages the power of alternative data to examine the health of start-ups across multiple dimensions including the quality of their innovations, market presence, and the funding they can attract. This helps our clients to analyze the disruptive potential of start-ups for early alliances, investments, and acquisition prospects to develop future-proof strategic roadmaps for a competitive advantage. Read our report and gather insights on the following topics:
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Start-up ecosystem outlook by top geographies
by GlobalData
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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

Free Whitepaper
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Disruptive start-ups to watch out for

2021 was a record-breaking year, with more businesses breaking into the billion-dollar club. Many start-ups have achieved or retained the unicorn status by the end of the year to reflect nearly a fivefold growth from that in 2020. This boom can be linked to a financing frenzy spurred by the quick adoption of technology and innovative solutions by start-ups gaining traction in response to the pandemic. However, the start-up ecosystem is now facing turbulent times for fundraising as investors seek long-term business strategies, valuations, and a route to profitability amid uncertain market circumstances. Nevertheless, 2022 has the potential to carry forward the momentum with multiple entities having a fair chance of being in the right place when aided by the right technologies. GlobalData leverages the power of alternative data to examine the health of start-ups across multiple dimensions including the quality of their innovations, market presence, and the funding they can attract. This helps our clients to analyze the disruptive potential of start-ups for early alliances, investments, and acquisition prospects to develop future-proof strategic roadmaps for a competitive advantage. Read our report and gather insights on the following topics:
  • Recent Unicorn trends
  • Unicorns in 2022
  • Future Unicorns
  • Start-ups to watch out for
Start-up ecosystem outlook by top geographies
by GlobalData
Enter your details here to receive your free Whitepaper.

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