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
Health Health Latest News, Health Health Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Evolution of Motorola phones: Bag phone to iconic Razr flip phoneThe evolution of Motorola phones, from the bag phone to the iconic Razr flip phone that's making a comeback this year
Source: BusinessInsider - 🏆 729. / 51 Read more »