Foundations caters to UK companies aiming to offer financial products to customers, leveraging a full-stack BaaS provider. Griffin started accepting applications for its early access programme following a successful pilot phase.
Griffin is a licensed UK bank offering vertically integrated infrastructure and risk management via simple, modern APIs. It says that it is helping companies embed banking products like savings accounts, safeguarding accounts, and accounts for holding client money. The aim is to create value for industries that previously struggled with finding the right BaaS partners.
Foundations participants will receive access to Griffin’s platform. In addition, they receive dedicated support from a team of banking and tech experts.
According to Griffin, only a small number of companies who meet the set criteria will be accepted for the first phase of Foundations. If not selected initially, companies will be added to a waiting list and notified of future opportunities as Griffin scales. Companies can also sign up to a free, all-access sandbox to start testing Griffin’s products immediately.
The bank’s officials said they’re looking for mission-driven companies who share their conviction that finance should be contextual, relevant, and seamlessly integrated into products that businesses and consumers are already using every day. Foundations is an invitation to companies that want to make their customers’ lives easier with embedded finance.
In August 2023, Griffin has partnered with Estonia-based Veriff to offer integrated identity verification (ID&V) solutions for BaaS customers.
This collaboration enhances onboarding processes, automating checks, reduces friction, and improves user experience amidst rising identity fraud concerns. Fintechs leveraging Griffin's onboarding solution gain access to quick and secure biometric checks, streamlining customer authentication. The integration addresses the shortcomings of traditional ID&V methods by providing advanced AI-powered solutions, eliminating errors, and enhancing efficiency.
In September 2022, Griffin introduced Verify, a customer onboarding solution tailored for regulated fintechs, facilitating scalable onboarding while ensuring compliance.
With a focus on blending technology with banking security, Verify addresses market gaps by offering flexibility, ease of use, and expertise to navigate regulatory requirements. The platform automates various checks including verification, biometrics, PEPs, sanctions, and fraud detection, providing a seamless experience for both tech and compliance teams.
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