Key Takeaways:
- Griffin raised $20 million in a Series B round at a valuation exceeding $100 million.
- The UK’s bank is set to introduce card issuing, stablecoin reserve and cross-border payments via blockchain.
- It now has over 80 businesses integrated and more than 300,000 customers signed up.
Griffin, a UK-based banking infrastructure provider, announced a Series B funding round of $20 million led by Octagon Partners and valued at over $100 million. The capital will enable the company to move beyond its banking offerings and introduce the ability to support stablecoins and card products to its platform.
Griffin Raises $20M to Expand Its Banking Infrastructure
Other investors in the round were existing investors Notion Capital, A+ Ventures, Nordic Ninja and Breega. Griffin said the investment will support its growth toward profitability while financing the next stage of its product development.
Griffin has grown from testing in 2024 to today’s current platform that has over 80 businesses using it since they became a complete UK bank in 2024. Its customers include Uber, Countingup, Anna Money, Yonder, and Prosper.
Today, it serves over 300,000 underlying retail and business customers and handles almost 10 million payments per year. Unaudited revenues for recurring revenue increased 3.2 times year over year at the end of the financial year Sept. 26, 2026.
With fresh investment, Griffin will be able to add cards and stablecoins to its banking capabilities as the next step, the company’s CEO and co-founder David Jarvis said.
Read More: FSB Pushes Türkiye Toward Dedicated Stablecoin Rules and Tougher Crypto Oversight
Stablecoin Services and Card Issuing Lead New Plans
Two key features are soon launching, and Griffin has invested in them. The first is card-issuing, where Griffin enables businesses to launch corporate and retail-issue debit cards using Griffin’s banking infrastructure.
This would have been the unification of bank accounts, payment services and cards on a single platform. A credit card offering will follow the initial debit card offering, which Griffin also plans to introduce.
The second expansion is on stablecoins. Griffin will build reserve capabilities for business in the stablecoin space and include on-chain payment options for cross-border transactions.
On-Chain Payments Become Part of Griffin’s Expansion
The intended stablecoin services would enable companies to operate on both the blockchain payment system and traditional banking services. Those capabilities are, however, listed as part of Griffin’s Development Road Map, which is not necessarily a reflection of available products for customers.
The expansion would also enable Griffin to enable companies that want to offer both traditional banking products and stablecoins for payments while not constructing the underlying financial framework.
Read More: Visa Adds Monad to Stablecoin Settlement Network
More Than 80 Companies Already Use Griffin
Investors have started to pay attention to Griffin’s growth as demand for embedded banking infrastructure grows. The Octagon Partners emphasized the firm’s regulatory framework with the UK’s Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), alongside proprietary technology and AI systems.
Paraag Davé, Octagon’s head analyst, also referenced customer growth and revenues since Griffin was granted its banking license, claiming the company was approaching double-digit millions of pounds of revenue per year.
