Griffin, an application programming interface (API)-first UK bank and full-stack banking as a service (BaaS) platform has secured $24m in a funding round.

The company has also received approval from the UK’s financial services regulators, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to lift restrictions. This enables Griffin to exit mobilisation and launch as a fully operational bank.

Griffin’s financing round was led by MassMutual Ventures, NordicNinja, and Breega. It also had the participation from the company’s existing investors Notion Capital and EQT Ventures.

MassMutual Ventures managing partner Ryan Collins said: “Our continued support for Griffin is a testament to its extraordinary progress to date.

“As the UK’s first full-stack BaaS platform with a banking licence, Griffin is the partner of choice for fintechs and brands to build innovative financial products with a seamless client experience.”

The UK-based company provides a full-stack platform for technology-driven firms seeking to offer banking, payments, and wealth solutions to their customers.

Griffin’s automated compliance technology and integrated ledger allow its customers to optimise their financial operations along with continuing to deliver high-quality service to their clients.

According to the full-stack BaaS platform, the new capital will be utilised to scale the bank and improve infrastructure for new and existing customers.

Griffin CEO David Jarvis said: “Today’s announcement is a culmination of years of hard work by the incredible team at 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.”