Griffin, a UK-based bank for fintech companies, announced on November 12 that it raised $20 million in a Series B funding round. The proceeds will go toward developing stablecoin-related services and card issuance capabilities. Investment firm Octagon Partners led the round, with existing investors Notion Capital, A+ Ventures, Nordic Ninja, and Breega also participating. The company said its valuation exceeded $100 million in this round.
The funds will be directed toward developing reserve-asset-related features for businesses looking to incorporate stablecoins into their operations. Griffin plans to integrate blockchain-based international remittance and payment functions into its existing banking services platform, enabling fintech companies to access both traditional banking services and on-chain payment networks from a single provider. Some existing customers already use stablecoins for cross-border payment operations, and Griffin is positioning itself to capture this demand.
On the card side, Griffin will offer a framework allowing client companies to issue their own branded debit cards for individuals and businesses. It later plans to expand into credit card issuance capabilities as well. By adding new features to its existing bank account, payment, and compliance infrastructure, Griffin aims to broaden the range of financial services available to its clients.
Griffin obtained a full UK banking license in March 2024. More than 80 companies currently use its banking services platform, including ride-hailing giant Uber and rewards card provider Yonder. Through these companies, Griffin serves more than 300,000 individual and business customers, processing close to 10 million payments annually.
Across the stablecoin space, a growing number of traditional financial businesses are seeking to bridge conventional banking and blockchain payments. Griffin appears intent on leveraging its banking license to strengthen its position as a provider that offers both regulated banking services and on-chain payments in an integrated package.
Competition continues in the field of banking infrastructure for fintech companies, where functions such as payments, lending, and card issuance are offered to third parties. By supporting stablecoin reserve-asset management and on-chain remittances, Griffin can reduce the burden on client companies of having to stitch together multiple providers. With crypto-related regulations gradually taking shape in the UK, the entry of licensed banking operators could help broaden the market's reach.
