As a newly certified B Corp, we are excited to share our journey and encourage other fintechs to consider this path.

From day one, our founders committed to building an ethical, sustainable business for the long term and becoming a B Corp was a natural extension of this vision. The B Corp certification provides an external validation of our efforts and cements our commitment to positive impact.

What is B Corp Certification?

B Corp is one of the highest certifications for ethical and sustainable businesses globally. It helps companies become a force for good by focusing on the triple bottom line: people, planet, and profits. The certification involves a rigorous assessment across five categories:

• Governance. A review of your mission and how you manage its translation via business policies and processes.
• Workers. Context on how you positively impact the lives of your employees.
• Community. Insights into how you contribute to the overall social and economic wellbeing of your communities.
• Environment. Proof of how you are working towards environmental sustainability.
• Customers. Data that shows that you are providing the best possible outcomes for your customers.

The process usually takes about a year and currently includes:

1. Completing the B Impact Assessment
2. Passing a screening against unethical practices
3. Providing evidence to support your responses
4. Making a legal change to cement your commitment to positive impact

Why fintechs should care

Fintechs are often created to solve underserved problems or inefficiencies in accessing financial services. This inherently gives them the potential to have a significant positive impact, by not just building viable businesses, but improving how the financial system works for everyone.

B Corp certification helps fintechs:

• Align their mission with their operations
• Measure and improve their impact
• Join a community of like-minded businesses

Benefits of early B Corp certification

• Differentiated customer propositions. B Corp status signals to potential customers that you're committed to ethical practices and positive impact. In an industry often viewed with skepticism, this can be a powerful differentiator.
• Stronger team engagement. Giving your team something to work towards beyond day-to-day tasks can boost morale and attract talent who share your values. Our B Corp journey has been a source of pride and motivation for our employees.
• Aligned investors. B Corp status can help you attract investors who care about long-term performance and impact, potentially opening doors to a broader range of funding sources.
• Easier process. Certifying is simpler when your business is smaller and less complex. We had 200 suppliers and 70 employees when we completed our assessment. As we've grown to over 100 employees with more suppliers, the process would have been much more challenging.
• Improvement opportunities. The B Impact Assessment provides a helpful framework and performance benchmarks. We discovered our strengths (employee care) and areas for growth (customer support and offerings), which aligned with our business priorities.
• Future-proofing your business. Early adoption of sustainable and ethical practices can help you avoid potential regulatory challenges and reputational risks down the line.

Addressing potential challenges

We understand that pursuing B Corp certification requires a significant commitment, especially for early-stage companies facing uncertainty around product-market fit and scaling challenges. There are costs involved, including the annual membership fee and the potential reputational risk if you lose certification or fail to live up to its standards.

However, we believe the benefits outweigh these challenges. B Corp certification provides:

• A North Star for your company's mission and values
• A framework for measuring and improving your impact
• External verification of your commitment to ethical practices

The certification process itself can also be valuable. It forces you to think critically about your business practices and impact, potentially uncovering areas for improvement that can strengthen your company in the long run.

Our experience getting the B Corp certification

At Griffin, becoming a B Corp has reinforced our commitment to being a force for good in the financial industry, helping us:

• Demonstrate our governance structures around social and environmental impact Improve our employee policies and engagement.
• Consider the environmental footprint of our operations and areas to improve.
• Think more deeply about our community impact and supply chain engagement.

The certification process is also aligned with our core values of transparency, thoughtfulness, and being deserving of trust and it has provided a framework for living these values in every aspect of our business.

Next steps after getting the B Corp

Becoming a B Corp is not an endpoint but an ongoing journey. We'll need to recertify every three years and produce an annual impact report. This continuous improvement cycle ensures we're always striving to do better.

For fintechs considering B Corp certification, we recommend:

• Start early: The earlier you embed these practices, the easier it is.
• Use the B Impact Assessment as a learning tool: Even if you're not ready to certify, the assessment can help you identify areas for improvement.
• Engage your team: Make it a company-wide effort to build buy-in and leverage diverse perspectives.
• Think long-term: Consider how certification aligns with your long-term business goals and vision.

In conclusion, while B Corp certification requires effort and commitment, we believe it's a worthwhile investment for fintechs who want to build a more resilient, impactful, and ultimately successful business.

We're happy to share more about our experience. If you're interested in learning more, reach out to us at sustainability@griffin.com.