Similarly, the aggregate value of payment services provided by the startup must not exceed £1,000 unless they are exclusively limited to"testing activity" and Griffin has secured prior written consent from the PRA.
"It's been a three and half year journey and there's still a lot of work to do," Griffin CEO Jarvis told Insider."We can now actually test products with customers and we can be much more profitable as a business, despite the macroeconomic environment." Securing a UK banking license is no mean feat. Only 28% of companies that held meetings with the UK's two main financial regulators, the Prudential Regulation Authority and the FCA reached the application submission stage between 2013 and 2019,The process of getting the license was a lengthy but"broadly positive experience," Jarvis added.
Following Griffin's authorization, the company will push forward with its growth plans in embedded finance and Jarvis said the startup would likely look to raise funding again before the end of the year. Subscribe to push notifications
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