UK BaaS Griffin Seeks Authorisation To Become a Bank With the FCA and PRA

The UK-based banking-as-a-service (BaaS) fintech Griffin has submitted its software to the Australian Prudential Regulation Authority (PRA) and the Monetary Conduct Authority (FCA) while it completes its software for a banking licence.

“This can be a main milestone for the corporate and a direct results of the crew’s laborious work and considerate method to constructing a sound inner construction, robust enterprise mannequin, and dependable know-how platform,” John Weguelin, Griffin chair, “I and the Board are thrilled to assist the crew on its journey to in search of authorisation to develop into a financial institution.”

Griffin’s BaaS platform is designed to supply fintechs of all sizes with a manner of bringing their merchandise to market, together with entry to the UK’s cost rails, financial institution accounts, debit playing cards, an built-in ledger and buyer onboarding automation.

The method for making use of for a banking licence requires firms like Griffin to exhibit that they meet key regulatory necessities and expectations, together with efficient governance preparations, a viable and sustainable enterprise mannequin, enough capital and liquidity and protected and safe infrastructure and operations.

Few companies in search of authorisation attain this stage: solely 28 per cent of firms that held preliminary conferences with the regulators reached the appliance submission stage between 2013 and September 2019, based on the PRA and the FCA.

The highway to changing into the de facto banking platform for fintech innovation

Trendy customers demand digital-first finance, creating a large alternative with the embedded finance market prone to attain $7.2trillion by 2030, based on a report by Informa.

Nonetheless, the method for constructing and launching monetary providers software program remains to be lengthy, costly and constructed on outdated know-how. In the present day, fintechs are pressured to combine disparate platforms throughout a number of companions with lengthy onboarding occasions – stifling innovation and prolonging time to market.

David Jarvis

“From the start, we’ve identified {that a} full-stack method delivers extra worth to clients,” mentioned David Jarvis, CEO and co-founder of Griffin.

“Our platform brings traditionally siloed infrastructure parts that every one share a knowledge mannequin right into a single platform, permitting fintechs to launch shortly with out compromising on compliance or operational resilience.”

Enabling embedded finance with a developer-friendly, self-service method

“In the present day, banks usually are not properly outfitted to assist the seamless and contextual expertise customers have come to anticipate,” Tom Mendoza, EQT Ventures associate and funding advisor, mentioned. “There may be at the moment a niche available in the market for a developer-led, full-stack method to know-how and banking. Griffin represents the longer term in relation to powering the subsequent technology of fintech and embedded finance.”

The corporate goals to carry software program, pricing transparency and an API-first method to the UK monetary providers sector. Moreover, Griffin’s BaaS platform will present the facility of SaaS know-how and fashionable developer instruments to the subsequent technology of UK fintechs.

“Griffin’s platform permits fintechs to concentrate on what they do greatest—creating progressive merchandise and experiences—not managing back-end infrastructure and compliance processes” Amy Kirk, unbiased non-executive director at Griffin and present board member of Monzo and FCMB UK mentioned. “Submitting this software brings the corporate one step nearer to actualising its bold imaginative and prescient.”

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