Full-stack Banking as a Service (BaaS) platform, Griffin, has received approval from the UK’s Prudential Regulation Authority and Financial Conduct Authority, to lift restrictions. This allows Griffin to exit mobilisation and launch as a fully operational bank.

Funding round led by MassMutual Ventures, NordicNinja and Breega

Griffin’s launch follows a successful mobilisation period. And it is supported by a $24m funding round led by MassMutual Ventures, NordicNinja and Breega. Other participants include existing investors Notion Capital and EQT Ventures.

“This pivotal moment is only possible because of the support of our investors, the guidance from our regulators and the commitment of our people. A big thank you to all our existing investors and a warm welcome to all our new investors. We look forward to working with all our investors in this exciting new chapter for Griffin,” said John Weguelin, Board Chair, Griffin.

David Jarvis, CEO of Griffin, added: “Today’s announcement is a culmination of years of hard work by the incredible team at Griffin. I’m particularly grateful to our pilot customers for placing their trust in us, and look forward to helping them continue to scale innovative products at the intersection of technology and finance.”

Griffin offers a full-stack platform for technology-driven firms looking to offer banking, payments, and wealth solutions to their customers. Griffin’s automated compliance technology and integrated ledger enable its customers to streamline their financial operations while continuing to deliver high-quality service to their customers.

Sustainable business practices at every level from day one

As part of its launch, Griffin has reiterated its commitment to building an enduring business of consequence. It aims to embed sustainable business practices at every level. Griffin says that it has invested in a deeply human and ethical culture with robust governance and financial controls. It is a member of Tech Zero and is actively working to reduce its carbon footprint and minimise its environmental impact.

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Two of the round’s co-leads, NordicNinja and Breega, are EU Article 8 funds with a heavy focus on sustainability.

“We are hugely impressed with Griffin’s level of emphasis on ethical business practices and sustainability,” said Marek Kiisa, co-founder and a Managing Partner at NordicNinja.

Jesse Saarela, Principal at NordicNinja added: “The team’s commitment to helping their customers as well as everyone impacted by their business is very unique. I am looking forward to working with them further.”

Griffin is poised for accelerated growth and is committed to scaling responsibly as pilot customers go live. The bank will also take on new customers via its early access programme, Foundations. Griffin will work closely with Foundations participants to help them enhance their offering with seamless, contextual finance embedded directly into their customer experience.