BaaS Fintech Griffin Submits Application for UK Banking Authorisation

Griffin, a UK Banking as a Service (BaaS) fintech, announced the completion of an important step in its application for a banking licence. Griffin has submitted its application to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

"This is a major milestone for the company and a direct result of the team's hard work and thoughtful approach to building a sound internal structure, strong business model, and reliable technology platform,"John Weguelin, Griffin Chair."I and the Board are thrilled to support the team on its journey to seeking authorisation to become a bank."

Griffin's BaaS platform is designed to provide fintechs of all sizes with a one-stop shop for bringing their products to market, including access to all the UK's payment rails, bank accounts, debit cards, an integrated ledger, and customer onboarding automation.

The process for applying for a banking licence requires companies like Griffin to demonstrate that they meet key regulatory requirements and expectations, including effective governance arrangements, a viable and sustainable business model, adequate capital and liquidity and safe and secure infrastructure and operations.

"Our platform brings historically siloed infrastructure components that all share a data model into a single platform, allowing fintechs to launch quickly without compromising on compliance or operational resilience. We're incredibly proud to have reached this milestone in our journey to become a bank that our customers can build on,"said David Jarvis, CEO and co-founder of Griffin.