UK's Griffin digital bank achieves B Corp certification milestone
UK digital bank Griffin has achieved B Corp certification, a milestone following a stringent evaluation of its sustainability credentials and work practices. Griffin is now the first digital bank in Europe to meet the high standards required for B Corp certification.
B Corp certification is conferred after a thorough verification process conducted by B Lab, a global non-profit organisation focused on transforming for-profit businesses into entities that promote social and environmental benefits. Companies aiming for this certification are assessed across five categories: governance, workers, customers, environment, and community.
Griffin achieved a score of 91.5, surpassing the 80-point threshold necessary for certification. This score also placed Griffin above the average performance benchmark for the financial services sector and UK companies of a similar scale. The certification process, completed in less than five months from the initial submission, was facilitated by Griffin's long-standing focus on sustainability and the extensive groundwork carried out since the company's establishment.
David Jarvis, co-founder and CEO of Griffin, highlighted the long-standing ambition behind this certification. "We've aspired to join the B Corp community since as far back as 2019, so this is the realisation of a long-held dream. We're thrilled to officially join a global community of like-minded businesses in working to be a force for good and playing a leading role in positively impacting and transforming the global economy," Jarvis stated.
He further noted, "With the FCA's new anti-greenwashing rule now in effect, certifications like B Corp provide a solid benchmark for good practice to keep us in check and ensure we are living up to our claims."
Jesse Saarela, Principal at NordicNinja, one of Griffin's investors, commented on the bank's commitment: "By committing to the high standards of verified performance, accountability, and transparency of the B Corp certification, the team at Griffin continues to show dedication to helping their customers and everyone impacted by their business."
NordicNinja's Managing Partner, Marek Kiisa, added, "As an EU Article 8 fund we have a strong focus on sustainability, and we're excited to continue to partner with the Griffin team as they reinforce their emphasis on sustainability in their business."
Griffin is now focused on implementing its 2024 sustainability strategy to meet its Environmental, Social, and Governance (ESG) goals and commitments for the year. As part of its openness and accountability ethos, Griffin has publicly shared its internal sustainability policy to allow key stakeholders to understand the bank's detailed approach.
Furthermore, Griffin has engaged in industry collaborations that align with its ethical, environmental, and social impact values. These collaborations include joining the Partnership for Carbon Accounting Financials (PCAF) for support in reporting its portfolio emissions and participation in the Payments Association ESG working group as a committee member.
