API developer Griffin collects £3m as it seeks UK banking license

Banking API platform Griffin has reportedly raised £3m in a seed round as it looks to finish building its platform.

The capital injection was led by Seedcamp and Tribe Capital, with angel backers also contributing to the round according to a report from FinTech Futures.

With the fresh proceeds, the startup hopes to make the final developments to its platform and launch its own financial products.

Furthermore, Griffin will use the capital to pursue a UK bank license from the Prudential Regulation Authority and Financial Conduct Authority. Once it has the license it can accelerate the time for deploying its tools.

The FinTech helps businesses to launch their own products through its account, payment and compliance infrastructure. Clients can create and manage up to millions of segregated bank accounts for customers and can integrate various payment methods including direct debits and SEPA.

Its API technology can also be leveraged to deploy built-in LYC and AML services.

Earlier in the month, fellow banking API company Teller closed a $4m seed round to help it take on plaid, another API provider. Teller received backing from Lightspeed Ventures, Founders Fund and PayPal founder Max Levchin’s SciFi VC.

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