Case Study: LettsPay solves regulatory hurdles with Griffin's client money accounts

LettsPay opens landlord accounts in minutes with Griffin

LettsPay, a proptech company, faced a major regulatory hurdle when new rules mandated that tenant deposits be held in a bank or building society. This threatened their platform, which was built on a non-bank EMI, and risked forcing a return to inefficient pooled client money accounts. They needed a banking partner that could offer dedicated accounts without sacrificing the speed and automation of a fintech.

Griffin provided the solution with its dedicated client money accounts and automated onboarding system, Verify. This allowed LettsPay to open a dedicated bank account for each landlord in minutes, ensuring compliance and eliminating manual reconciliation. The partnership enabled LettsPay to overcome its regulatory setback, improve its product offering, and generate significant market interest.

LettsPay