By Amelia Isaacs on Friday 11 November 2022
The two companies are coming together to help companies across the UK build new fintech products and embedded financial services..
Griffin and 11:FS are coming together to help businesses take advantage of the benefits of embedded finance.
Partnering with Griffin will expand 11:FS Foundry’s current integrations, incorporating Griffin’s Banking as a Service (BaaS) products.
Together the companies are aiming to utilise their collective capabilities to shape the industry’s views on the process of building new fintech products and embedding financial services into non-financial applications.
“The power of embedded finance opens up new and exciting opportunities for companies globally, and with this partnership, together, we can integrate, orchestrate and now create financial instruments in a truly digital way.”
With more than 90 per cent of non-financial companies in Europe introducing financial services products into their offering, whether that’s digital wallets or mobile accounts, over the next five years, Griffin and 11:FS are hoping to simplify this innovation process for businesses.
Together, they will help companies build and launch financial products more easily by allowing them to “innovate faster without comprising security”.
“While 11:FS is transforming fintechs and financial services from within and building truly digital financial services from scratch, our technology and this new partnership will bring the power of embedded finance to the companies that want it and the consumers that demand it,” Griffin CEO David Jarvis said.
Griffin is currently in the process of trying to become a fully-licensed bank with the Prudential Regulation Authority and Financial Conduct Authority.
If it succeeds, it will be able to offer 11:FS customers operational current bank accounts for their businesses, embedded customer accounts for regulated fintechs, access to the UK’s payment rails and to Griffin’s first BaaS product Verify.