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Banking as a service fintech company Griffin has raised £12.5m in a funding round to support the development of its API banking platform.

Based in London, Griffin is building a full-stack platform that aims to streamline the performance of financial services.

Among Griffin’s list of services is the tracking of funds and the management of compliance tasks.

The company has also applied for a banking licence so that it can provide open banking services and full bank accounts to clients for the sending and receiving of payments.

With the new funds, Griffin has now raised a total of $27m (£22.4m). The company previously raised £6.5m in November 2020.

“With this injection of funding, we can continue to innovate, scale our business, and focus on building the best banking platform possible,” said David Jarvis, co-founder and CEO of Griffin.

The investment round was led by Notion Capital, a regular backer of software as a service (SaaS) startups.

“SaaS is finally eating the financial services sector the way it has every other industry, and Griffin will empower fintechs to build and launch financial products with a single secure and modern SaaS platform,” said Stephen Chandler, managing partner at Notion Capital.

“I’m thrilled to support the team as they rewrite the way companies interact with banks and accelerate growth.”

Other participants in the funding round included angel investors William Hockey, Nilan Peiris, Rob Straathof, and Shane Happach. Existing investor EQT Ventures has also joined in the round.

“The financial services industry has not kept pace with consumer trends and tech innovation, creating demand for a developer-friendly bank built on modern APIs and intuitive software,” said Tom Mendoza, venture partner at EQT Ventures and Griffin board member.

“Griffin aims to challenge the status quo by offering a full-stack banking platform that will make it fast, simple, and cost-effective for brands to launch financial products. This influx of capital will drive the next phase of the company’s ambitious journey.”

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