E-Money or Bank? Why Your Provider's Licence Matters, with Phoebe Wallis from Griffin

Most fintech companies in Europe run on an e-money licence, not a bank licence. With both licences, the provider can offer basic banking features. But the "how" differs and can matter for some brands. In this episode, I speak with Phoebe Wallis, Chief Revenue Officer at Griffin, a UK bank that other companies build financial products on. Phoebe explains why all e-money institutions still have a bank underneath them that the brand never sees, why Griffin went through the bank licence process itself, and why the flow of funds document decides most of her yes or no calls. In this episode we cover: What you give up when an e-money institution sits between you and the bank Why many fintechs start with an EMI and move to a bank once they want control over pricing and risk appetite Why Griffin chose the slower route of applying for its own bank licence Why a non-financial brand needs internal conviction and a business case before it talks to a bank The three types of no, and why the flow of funds document is the biggest yes or no What to check before approaching a bank, from risk appetite to public pricing and sandbox Connect with Phoebe on LinkedIn: https://www.linkedin.com/in/phoebe-wallis-6758a0a4/ About Embedded Finance Review: Embedded Finance Review is a newsletter, podcast, and event series covering the European embedded finance ecosystem. I also offer Office Hours, free intro calls for companies navigating embedded finance, and host regular in-person events across Europe. Find all details at embeddedfinancereview.com. This episode was produced by https://orama.tv/