Griffin Baggage $15.5M Expense to Mature BaaS

Banking as a Provider (BaaS) startup, Griffin, has netted $15.5 million in fresh new funding, the enterprise declared Thursday (July) 7.

The investment decision spherical was led by Notion Money, with the participation of existing investor EQT Ventures and several angel investors with a monitor record of investing in and developing FinTech startups.

The most current funding means that Griffin has elevated $27 million to day.

The new funds will be made use of to mature the company’s management and procedure groups and to make investments in item development.

As effectively as saying new expense, Griffin today uncovered the news that it has appointed Notion Cash co-founder and controlling husband or wife Stephen Chandler to its board of administrators.

On the information, David Jarvis, Griffin CEO and co-founder mentioned, “we’re thrilled to be performing with Notion Funds and to have someone of Stephen’s caliber join our board. His practical experience fits completely with our vision to mix the worlds of banking and technologies in a person potent system.”

“With this injection of funding, we can continue to innovate, scale our business and target on making the very best banking platform doable,” he added.

Chandler explained, “I’m thrilled to aid the workforce as they rewrite the way organizations interact with financial institutions and accelerate advancement.”

Just lately, the firm submitted an software for a banking license in the U.K. If it is awarded just one, it will be part of the several neobanks in the region that have developed from banking applications with limited features to controlled banks with a larger variety of personal savings, expenditure and financial loan solutions available to customers.

In June, Kroo turned the most recent neobank to realize a whole banking license, the best tier license awarded by the Bank of England that will permit it to present the total assortment of current account products and services, backed by an FCFS ensure, which insures savers’ deposits up to 85,000 kilos.

Additional on this: UK Digital Financial institution Kroo Granted Banking License


NEW PYMNTS Information: HOW UTILITIES AND Shopper FINANCE Companies CAN Improve THE Invoice PAYMENTS Knowledge

About: Extra than 50 percent of utilities and customer finance companies have the capacity to method all every month bill payments digitally. The kicker? Just 12% of them do. The Electronic Payments Edge, a PYMNTS and ACI Around the world collaboration, surveyed 207 billing and collections industry experts at these corporations to find out why heading entirely digital continues to be elusive.