Griffin partners with 11:FS Foundry

Friday 11 November 2022 10:57 CET | News

Griffin, a UK-based Banking-as-a-Service fintech, has partnered with 11:FS Foundry to help businesses actualise the benefits of embedded finance.

The partnership will expand 11:FS Foundry’s current integrations, adding Griffin’s Banking-as-a-Service (BaaS) products. The two companies will also leverage their collective capabilities to shape the industry’s thinking and understanding of embedded finance through helpful content, allowing those looking to embed financial products to understand revenue opportunities and how to serve their customers better.

Over 90% of non-financial companies in Europe plan on introducing financial services products (such as digital wallets, mobile bank accounts, or Buy Now, Pay Later payment schemes) in the next five years. This approach increases customer engagement, strengthens loyalty, and provides new revenue streams in a volatile economic environment.

However, those that enable embedded finance are often unable to innovate quickly due to a lack of resources, outdated technology systems, and long processes that come with working directly with legacy financial institutions. 11:FS and Griffin's partnership will simplify the building and launching of financial products by allowing businesses to innovate faster without compromising security.

Griffin, a UK-based Banking-as-a-Service fintech, partners with 11:FS Foundry to help businesses actualise the benefits of embedded finance.


The benefits of the partnership

Currently, Griffin has submitted its application to become a fully-licensed bank with the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). This partnership will enable Griffin to offer 11:FS Foundry customers the following:

  • operational current bank accounts to run their business.

  • embedded customer accounts (specifically safeguarding and client money accounts) for regulated fintechs.

  • access to the UK’s payment rails (Faster Payments, BACS, Direct Debit, and CHAPS).

  • access to Griffin’s first BaaS product, Verify, which helps fintechs manage risk, automate KYC and KYB checks, and streamline customer onboarding.

Griffin is developing the infrastructure to power the next wave of fintech innovation. Created by Silicon Valley founder-engineers and led by a team of banking and technology experts, it recently closed a USD 15.5 million funding round led by Notion Capital.

Griffin is an API-first, BaaS provider focused on simplifying the complexity of banking infrastructure and compliance operations.

Other Griffin developments

In May 2022, Griffin has adopted Clausematch compliance technology for its application to become a fully licensed bank. This is a critical proof-point for the adoption of regtech software for the efficient approach to bank licensing for modern fintech companies. Clausematch has so far been helpful in enabling Griffin to manage this process. For the documents to be submitted to the PRA and FCA for licensing, they must be approved by management-level and board-level committees, which means policies are constantly being iterated on in response to comments from board members and executives.

In September 2022, Griffin has launched Verify, a customer onboarding product that helps regulated fintech onboard customers at scale while meeting regulatory requirements. The technology behind Verify remains a core pillar of Griffin's vision to help fintechs launch financial products without compromising on compliance. The company realised there was a gap in the market for a product that addresses the challenges of regulated fintechs. Verify provides a level of flexibility, ease of use, and domain expertise to help fintechs onboard customers while keeping the appropriate guardrails in place.

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Keywords: partnership, embedded finance, BaaS, financial services, e-wallet
Categories: Banking & Fintech
Companies: 11:FS, Griffin
Countries: United Kingdom
This article is part of category

Banking & Fintech




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