Griffin, a United Kingdom-based licensed bank providing embedded banking infrastructure to fintech companies and technology platforms, has raised $20 million in Series B funding led by Octagon Partners. Notion Capital, A+ Ventures, Nordic Ninja, Breega, and other existing investors participated in the round, which values Griffin at more than $100 million.
The financing will support the expansion of Griffin’s banking platform into card issuing and stablecoin-related services while providing capital for continued growth toward profitability.
Griffin operates a regulated banking infrastructure platform that enables businesses to integrate accounts, payments, and compliance capabilities into their products.
The company serves more than 80 businesses, including Uber, Countingup, Anna Money, Yonder, and Prosper.
Its infrastructure supports more than 300,000 underlying retail and business customers and processes nearly 10 million payments annually.
The latest investment comes approximately two years after Griffin began operating as a fully licensed UK bank.
Expanding Into Debit And Credit Card Issuing
Griffin plans to use the Series B financing to introduce card issuing capabilities.
The initial offering will enable customers to launch branded retail and corporate debit cards using Griffin’s banking infrastructure.
This will extend the company’s existing services beyond accounts and payments.
Businesses using Griffin’s platform will be able to combine banking accounts, payment processing, and card products through a single infrastructure provider.
The company also intends to introduce credit card capabilities following the initial debit card launch.
These services are designed for fintech businesses and other technology companies that want to offer financial products without independently developing every component of the underlying banking infrastructure.
Griffin believes adding cards will strengthen its relationships with existing customers while creating opportunities to serve additional businesses.
The expanded platform will provide more options for companies developing financial services embedded within their own applications.
Developing Stablecoin Payment Infrastructure
The second major area of investment involves stablecoin-related banking services.
Griffin plans to develop reserve capabilities for businesses operating in the stablecoin market.
The company also intends to integrate on-chain cross-border payments into its platform.
Stablecoins are digital assets designed to maintain a relatively stable value, often by referencing a conventional currency.
Businesses developing stablecoin-based financial services may require banking relationships, reserve management arrangements, and payment infrastructure.
Griffin’s planned capabilities are intended to support these requirements.
The company’s existing regulated banking operations provide a foundation for developing additional services.
The stablecoin initiatives remain planned product developments rather than capabilities that the announcement identifies as fully launched.
More Than 80 Companies Use Griffin’s Infrastructure
Griffin has expanded its customer base since becoming a fully licensed bank in 2024.
The company initially worked with five businesses testing its systems.
Its platform now supports more than 80 companies offering financial products and services.
These customers include established businesses and fintech platforms across different financial services categories.
Griffin provides clearing and embedded banking capabilities, allowing customers to deliver banking products under their own brands.
The company currently serves more than 300,000 underlying retail and business customers.
Its infrastructure processes nearly 10 million payments each year.
The expansion illustrates increasing adoption of Griffin’s model of combining regulated banking services with technology infrastructure designed for other businesses.
Recurring Revenue Grows 3.2 Times Year Over Year
Griffin reported that recurring revenue increased 3.2 times year over year for its financial year ended September 2026.
The figures are based on unaudited financial accounts and remain subject to change following completion of the company’s statutory audit.
The company was also included in the Sifted 250 ranking of Europe’s fastest-growing startups by revenue.
Additionally, Griffin joined Tech Nation’s Future Fifty 2026 cohort, which recognizes high-growth UK technology businesses.
Octagon Partners highlighted the company’s commercial development and its progress toward achieving double-digit millions of pounds in annual recurring revenue.
The investor also emphasized Griffin’s combination of proprietary technology, AI, and regulated banking infrastructure.
The company operates under the supervision of the Prudential Regulation Authority and Financial Conduct Authority.
Supporting Fintechs Through A Regulated Banking Platform
Griffin’s business model combines banking authorization with technology services designed for fintech companies and platforms.
The company offers services including business accounts, embedded accounts, payments, safeguarding, and compliance-related infrastructure.
These capabilities allow customers to develop financial products while relying on Griffin for regulated banking functions.
Its strategy emphasizes providing a unified infrastructure platform that can support different financial services applications.
By adding card issuing and stablecoin capabilities, Griffin intends to broaden the range of products its customers can offer.
The company also believes the expanded platform will improve its ability to attract additional fintech partners.
Funding Supports The Next Stage Of Growth
The $20 million Series B round will help Griffin execute its expansion plans while progressing toward sustainable profitability.
The company expects to invest in new products, strengthen its infrastructure, and support its growing customer base.
Octagon Partners led the investment, with participation from existing financial backers.
Griffin CEO and Co-Founder David Jarvis described card issuing and stablecoin services as logical extensions of the company’s existing offering.
With more than 80 customers, over 300,000 underlying users, and nearly 10 million annual payments, Griffin is seeking to expand its role in embedded banking.
The financing provides additional resources to introduce card products and develop stablecoin payment capabilities through its regulated banking platform.
KEY QUOTES
“Since launching as a bank two years ago, we’ve built the infrastructure that over 80 companies now rely on to bring banking products to their customers. This round lets us go further: cards and stablecoins are the natural next layer for our infrastructure, and the response from investors so far reflects the scale of the opportunity ahead of us. We’re delighted to have Octagon leading this round alongside our existing investors.”
David Jarvis, CEO And Co-Founder Of Griffin
“Griffin has grown rapidly from its launch in 2024 to powering over 80 fintechs and platforms who trust Griffin to move fast without compromising on compliance and will shortly clear double digit £m in annual recurring revenue. The growth over the past two years since getting the full banking licence, both in customers and in revenue, speaks for itself.”
“Griffin’s combination of proprietary technology and AI provides a scaffolding for embedded banking under a dual PRA/FCA regulatory regime that represents the sort of defensible moat that neither traditional fintechs nor traditional banks can compete with.”
Paraag Davé, Octagon Partners
