UK-based banking-as-a-service (BaaS) provider Griffin has raked in £6.5m ($8.6m) funding round for new product development and expansion.

The funding round was led by EQT Ventures.

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Other investors who joined the round include Seedcamp, Tribe Capital, and individual investors Paul Forster, Matt Robinson and Carlos Gonzalez-Cadenas.

The latest funding round brings the total amount raised by the company to date to £9.5m ($12.5m).

Griffin will use the fresh investment to fund the launch of new products and services. It will accelerate product development and recruit more people.

Additionally, Griffin is also seeking a full banking licence from the UK banking watchdogs Financial Conduct Authority (FCA) and Prudential Regulatory Authority (PRA).

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Founded in 2017, Griffin aims to become the preferred banking partner for fintechs and established brands.

The purpose-built fintech’s proprietary API enables companies to open enclosed accounts for customer deposits.

Simultaneously, it reduces recordkeeping and reconciliation tasks through its compliance engine and ledger.

Griffin co-founder and CEO David Jarvis said: “Every company needs a banking partner, a ledger, and the necessary compliance infrastructure to launch a financial services product.

“With Griffin, we want to be the one-stop shop for companies seeking to bring something new to market.

“We are thrilled to have found a partner in EQT Ventures that shares our vision and is coming to the table with such a deep understanding of the API banking landscape.”

EQT Ventures deal partner and investment advisor Tom Mendoza said: “The EQT Ventures team have been following BaaS for a number of years, and we believe that Griffin has the right ingredients to be the winner in this space.

“We are bullish due to the company’s unique approach – developer-first that integrates compliance, the ledger and bank license – and the incredibly strong founder-market fit.”