In Control with Natasha Vernier Why would anyone build a bank? with David Jarvis, CEO & Founder at Griffin
Jan 15, 2026
David Jarvis, CEO and co-founder of Griffin, explains why he built a licensed bank to own core infrastructure and control regulatory counterparties. He walks through the licensing journey, why banks burn millions monthly, and the £50M pre-revenue fundraising reality. They also cover core banking tech first steps and how UK payments actually flow.
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Decode Regulator Signals
- The PRA signals intent subtly: ‘no further comments’ means they intend to accept your application.
- Prolonged unclear feedback usually means the regulator has unresolved concerns you must address.
Shareholder Power Can Kill Authorisation
- A prospective bank lost authorisation because a majority owner refused to replace an unacceptable CEO.
- That shareholder burned two years of work rather than accept the regulator's condition.
Raise Enough Capital Upfront
- Expect to raise large amounts of capital pre-revenue if you seek a bank licence, especially for infrastructure banks.
- Avoid relying on investor-friendly preferred shares; push for ordinary equity to align incentives.