UK-based banking-as-a-service (BaaS) provider Griffin has raked in £6.5m ($8.6m) funding round for new product development and expansion.

The funding round was led by EQT Ventures.

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Other investors who joined the round include Seedcamp, Tribe Capital, and individual investors Paul Forster, Matt Robinson and Carlos Gonzalez-Cadenas.

The latest funding round brings the total amount raised by the company to date to £9.5m ($12.5m).

Griffin will use the fresh investment to fund the launch of new products and services. It will accelerate product development and recruit more people.

Additionally, Griffin is also seeking a full banking licence from the UK banking watchdogs Financial Conduct Authority (FCA) and Prudential Regulatory Authority (PRA).

Founded in 2017, Griffin aims to become the preferred banking partner for fintechs and established brands.

The purpose-built fintech’s proprietary API enables companies to open enclosed accounts for customer deposits.

Simultaneously, it reduces recordkeeping and reconciliation tasks through its compliance engine and ledger.

Griffin co-founder and CEO David Jarvis said: “Every company needs a banking partner, a ledger, and the necessary compliance infrastructure to launch a financial services product.

“With Griffin, we want to be the one-stop shop for companies seeking to bring something new to market.

“We are thrilled to have found a partner in EQT Ventures that shares our vision and is coming to the table with such a deep understanding of the API banking landscape.”

EQT Ventures deal partner and investment advisor Tom Mendoza said: “The EQT Ventures team have been following BaaS for a number of years, and we believe that Griffin has the right ingredients to be the winner in this space.

“We are bullish due to the company’s unique approach – developer-first that integrates compliance, the ledger and bank license – and the incredibly strong founder-market fit.”