Griffin has submitted his application to the PRA and FCA for UK banking authorization

Griffin has submitted his application to the PRA and FCA for UK banking authorization

By Joy Dumasia

Today

  • BaaS
  • banking license
  • Banking as a service

Griffin, FinTech Banking-as-a-Service (BaaS), announces the achievement of a major milestone in its banking license application. Griffin submitted his request to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

John Weguelin, President Griffin, said, “This is a major milestone for the company and the direct result of the team’s hard work and thoughtful approach to building a strong internal structure, strong business model and platform. reliable technological form. The Board of Directors and I are delighted to support the team on their journey towards becoming licensed as a bank. »

Griffin’s BaaS platform is designed to provide FinTechs of all sizes with a one-stop-shop to bring their products to market, including access to all of the Kingdom’s integrated payment rails, bank accounts, debit cards and ledgers. Kingdom, as well as automating customer onboarding.

To apply for a banking license, companies like Griffin must demonstrate that they meet key regulatory requirements and expectations, including effective governance arrangements, a viable and sustainable business model, adequate capital and liquidity, and infrastructure and safe and secure operations. According to the PRA and the FCA, few companies applying for approval reach this stage: only 28% of companies having held initial meetings with regulators reached the filing stage between 2013 and September 2019.

According to a report by Informa, modern consumers are demanding digital finance first, creating a huge opportunity with the integrated finance market expected to reach $7.2 billion by 2030. However, the process of creating and launching financial services software is still long, expensive and relies on outdated technology. Today, FinTechs are forced to integrate disparate platforms across multiple partners with long onboarding times that stifle innovation and prolong time to market.

David Jarvis, CEO and co-founder of Griffin, said, “From the start, we knew that a comprehensive approach delivers more value to customers. Our platform brings historically siled infrastructure components that all share a data model into a single platform, allowing FinTechs to get started quickly without compromising compliance or operational resilience. We are extremely proud to have reached this milestone on our journey to becoming a bank our customers can rely on. »

Tom Mendoza, EQT Ventures Partner and Investment Advisor, said, “Banks today are not well equipped to deliver the seamless, contextual experience that consumers expect. There is currently a gap in the market for a comprehensive developer-led technology approach and banking. Griffin represents the future when it comes to powering the next generation of fintech and integrated finance.

The company aims to bring cutting-edge software, radical price transparency and an API-driven approach to the UK financial services industry. Additionally, Griffin’s BaaS platform will deliver the power of SaaS technology and modern developer tools to the next generation of UK FinTechs.

Amy Kirk, independent non-executive director at Griffin and current board member of Monzo and FCMB UK, said, “Griffin’s platform allows FinTechs to focus on what they do best, creating innovative products and experiences, without managing back-end infrastructure and compliance processes. Submitting this application brings the company one step closer to realizing its ambitious vision. »

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