BaaS platform Griffin becomes a bank

Ten months after submitting its banking licence application, banking-as-a-service (BaaS) provider Griffin was today authorised by the PRA and the FCA to operate with restrictions.

The milestone means that Griffin is now officially operating as a bank, meaning it can begin holding a limited amount of deposits and start to offer payment services.

Unlike many consumer or SME challengers, Griffin’s BaaS platform is designed to provide fintechs with access to all the UK’s payment rails, bank accounts, debit cards, an integrated ledger, and customer onboarding automation.

Read more: AltFi