Griffin Series-A

This is the Griffin pitch deck to raise a $8.6m series-a round in 2020.

About

Griffin is making a bank you can build on. They provide banking-as-a-service solutions for companies that want to offer financial services products. The company is currently seeking regulatory approval from the PRA and FCA to become the UK’s first platform bank. It was founded in 2017 and based in London, England.

Griffin, a UK banking-as-a-service platform, has raised £6.5 million ($8.6 million), led by EQT Ventures.

Founded in 2017, Griffin wants to make an API-first bank which will reduce the cost of banking services for businesses.

When companies want to launch new financial products, finding a banking partner can be a slow and expensive process, something Griffin is seeking to change.

“This new round gives us years of runway,” David Jarvis, Griffin cofounder and CEO told Business Insider in an interview. “It allows us to move from scarcity mentality to get things done more quickly.”

Grffin will use the investment to further its product development, hire more people and continue the bank authorization process with the PRA and FCA. Jarvis declined to comment on when the authorization may come but suggested that the company would be able to move faster with the new funding.

Negotiations with EQT were completed over the summer over video chat, and a two-hour socially distanced walk in London’s Hyde Park between Jarvis and EQT’s deal lead, Tom Mendoza. “Our first funding round took a long time because banking-as-a-service is a hard market to understand,” Jarvis added. “This process was far simpler.”

This new round follows the company’s previous £3 million seed round announced earlier this year. Other participants in the round include Seedcamp, Tribe Capital, Indeed.com cofounder Paul Forster, Nested CEO Matt Robinson, and GoCardless exec Carlos Gonzalez-Cadenas.

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