Financial services company Income Group has entered into a collaboration with Griffin to expand its service offering by integrating the latter’s savings account into the IGsend platform. As part of this partnership, Income Group aims to embed Griffin’s savings accounts into its platform, allowing the company to advance its commitment to fostering and facilitating the habit of saving for its customers.

Through the current move, Income Group, which focuses on improving engagement between employees and employers, is set to enable its users to set aside a percentage of their salary at the point of receipt, which encourages proactive financial management and wealth creation. Centring its efforts on offering secure payments, providing access to growth capital, and delivering employees salary advances, Income Group enables employers to make payroll payments continuously, which in turn allows employees to have immediate access to their earner wages. When it comes to the announcement, representatives mentioned that the collaboration with Griffin is set to augment their company’s services and simplify how consumers save and plan for their financial futures. Additionally, the partnership advances Income Group’s allegiance to offering customers optimised and comprehensive financial solutions. At the same time, officials from Griffin highlighted that by teaming up with Income Group, their firm showcases the impact of Embedded Finance, especially in increasing financial inclusion.

Utilising its platform to integrate savings directly into the employee experience is set to enable Income Group to support individuals with the tools they require to start creating a secure financial situation. Previous news from Griffin As an API-first UK bank and Banking-as-a-Service (BaaS) platform, Griffin provides vertically integrated infrastructure and risk management through simple, modern APIs. The company supports clients in embedding banking products into their platforms, including savings accounts, safeguarding accounts, and accounts for holding client money. Earlier in 2024, Griffin made two announcements regarding the progress of its operations, including a USD 24 million funding round and its launch as a fully operational bank in the UK.

At that time, the process was approved by the UK’s financial services regulators, the Prudential Regulation Authority (PRA), and the Financial Conduct Authority (FCA), with both regulators lifting restrictions and enabling Griffin to secure the banking licence. The launch was also supported by a USD 24 million funding round, with the capital injection being planned to scale the bank and improve its overall infrastructure for new and existing clients. .