Banking as a Service (BaaS) firm Griffin has been awarded a full UK banking licence by the Financial Conduct Authority and the Prudential Regulation Authority.

The move means that the company can now launch as a fully operational bank after last year being given a restricted licence which only allowed it to operate as a banking entity within certain parameters.

Griffin also announced it had received $24 million in a funding round co-led by MassMutual Ventures and EU Article 8 funds NordicNinja and Breega.

The company said the funding would be used to scale the bank and improve its infrastructure for new and existing customers.

Notion Capital and EQT Ventures, which previously supported Griffin’s $13.5 million Series A funding round in June 2023, also participated in this latest round.

"Today’s announcement is a culmination of years of hard work by the incredible team at Griffin,” said David Jarvis, chief executive of Griffin. “I’m particularly grateful to our pilot customers for placing their trust in us and look forward to helping them continue to scale innovative products at the intersection of technology and finance."

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