The banking-as-a-service fintech Griffin officially moves its sandbox out of beta to allow developers to test and develop proof of concepts for embedded finance products.
The Griffin sandbox can now be accessed by fintechs and developers looking to build a prototype or experiment on Griffin’s platform. Access is unlimited and incurs no cost.
“We aim to lower the barriers to entry for fintechs and brands building embedded finance products, and launching our sandbox is an important step forward,” David Jarvis, the company’s CEO and co-founder explains.
“Our open platform will make it simple and accessible for engineers or product managers to start building without the financial commitment, sales calls, NDAs or long wait times,” continues Jarvis.
Griffin sandbox capabilities
The sandbox enables engineers to test and develop concepts using Griffin’s full-stack BaaS platform and financial crime prevention tools.
The sandbox can be accessed by either integrating directly against the API or using the Griffin dashboard.
Currently, the sandbox allows users to simulate specific product operations, including onboarding customers and running KYC/KYB verification checks with Verify; Griffin’s onboarding product.
Users can also use the sandbox to open an operational bank account for their own organisation and generate segregated bank accounts (safeguarded and client money) for their customers.
The sandbox also allows users to make payments to external accounts and transfers between internal accounts, alongside adding new payees and viewing payments and transactions.
Breaking down barriers for fintechs
ProMEX is one of the first companies to use Griffin’s sandbox. The Hong Kong-based company provides a digital marketplace for trading physical commodities for cash or stocks.
It engaged in the sandbox to build a prototype version of its app for the UK market.
Through Griffin’s sandbox, ProMEX was able to build a prototype of its app. This prototype included customising KYC workflows, testing the decision accuracy of identity checks, creating mock customer bank accounts and simulating payments between buyers and sellers.
“As a fintech in the early stages of UK expansion, we sought a platform that would provide an open and collaborative iteration process,” says the company’s CSO, Guido Glowania.
“By building and testing our MVP on Griffin’s sandbox, we have significantly reduced the time and resources needed to build our UK app, allowing us to focus on launching the product, and driving adoption in the UK market,” continues Glowania.
Becoming a bank
Announced in May of this year, Griffin is currently seeking authorisation to become a bank with the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
Upon authorisation, the fintech’s users will be able to engage with the platform to build and launch regulated financial services apps.
Created by experienced Silicon Valley founder-engineers and led by a team of banking and technology experts, Griffin recently closed a $15.5million funding round led by Notion Capital.
“The industry is starving for a banking partner that can break down barriers to entry for emerging fintechs and let innovators build and launch at speed,” says Stephen Chandler, Notion Capital’s managing partner. “The launch of Griffin’s sandbox is a critical step in becoming the bank you can build on.”