Griffin Raises $20 Million Series B at Over $100 Million Valuation to Expand Banking Infrastructure

Griffin, a London-based banking-as-a-service provider, has raised $20 million in Series B funding led by Octagon Partners, taking its reported valuation to more than $100 million. The UK-licensed bank plans to use the investment to expand its banking infrastructure with card issuing and stablecoin services.

The round included participation from existing investors Notion Capital, A+ Ventures, Nordic Ninja and Breega, alongside other existing backers. Griffin has not disclosed whether the reported valuation is pre-money or post-money.

Founded in 2017, according to the article's opening, Griffin provides banking infrastructure that allows fintech companies and other businesses to offer financial products to their customers. Its platform supports services including bank accounts and payments, and is used by companies such as Uber for its UK driver and courier accounts.

Griffin's Growth Since Receiving Its Banking Licence

Griffin became a fully licensed UK bank in 2024, when it had five companies testing its platform. It now supports more than 80 companies, including Uber, Countingup, Anna Money, Yonder and Prosper.

The company says its platform serves more than 300,000 retail and business customers and processes approximately 10 million payments annually.

Recurring revenue grew 3.2 times year over year through September 2026, based on unaudited accounts. Griffin has not disclosed its current recurring revenue figure, although Octagon Partners managing partner Paraag Davé said the business was approaching double-digit millions of pounds in annual recurring revenue.

The company has also not disclosed when it expects to become profitable.

Expansion Into Card Issuing and Stablecoins

The Series B funding will support Griffin's expansion into two additional areas of financial infrastructure: card issuing and stablecoin services.

Card issuing

Griffin plans to enable businesses to launch branded retail and corporate debit cards through its platform. A credit card product is also planned as a subsequent offering.

This expansion could allow fintech companies to manage more of their customers' financial activities through a single banking infrastructure provider, rather than relying on separate providers for accounts, payments and cards.

Stablecoin infrastructure

Griffin is also developing services related to stablecoin reserves and on-chain cross-border payments.

The company aims to provide businesses with infrastructure for managing stablecoin-related financial services. This opportunity comes as the UK continues developing its regulatory framework for stablecoin issuance and other cryptoasset activities.

However, Griffin's planned services should be distinguished from products that are already commercially available. The company has described these as areas of development and expansion.

Investors and Previous Funding

Octagon Partners led the latest $20 million Series B investment. Existing investors Notion Capital, A+ Ventures, Nordic Ninja and Breega also participated.

Griffin's previous major funding round was a $24 million investment in March 2024, led by MassMutual Ventures, Nordic Ninja and Breega. That round coincided with the company receiving its full UK banking licence.

The latest investment will help Griffin build additional financial infrastructure and support its path towards profitability.

Competition in the UK Banking-as-a-Service Market

Griffin operates in a competitive market for embedded banking and banking-as-a-service infrastructure.

ClearBank is another UK bank with a full banking licence that provides infrastructure to financial services businesses. Its presence demonstrates that regulatory licensing alone is not a unique competitive advantage.

Griffin's opportunity lies in combining its banking licence with proprietary technology, compliance capabilities and an expanding range of financial products.

The addition of card issuing and stablecoin services could help it offer a broader platform to fintechs and businesses. However, the company will need to demonstrate that these new products can generate sustainable revenue while maintaining regulatory compliance.

What Griffin's $20 Million Funding Means

Griffin's Series B funding comes as the company expands beyond its existing banking and payment infrastructure.

Its growth to more than 80 platform customers, over 300,000 retail and business customers and approximately 10 million annual payments indicates increasing adoption of its services. The reported 3.2-times growth in recurring revenue also points to strong momentum, although the figure remains unaudited.

The next phase will depend on the successful rollout of card issuing and stablecoin infrastructure, continued customer growth and progress towards profitability.

With a reported valuation above $100 million and backing from Octagon Partners and existing investors, Griffin is positioning itself as a broader infrastructure provider for the UK's embedded finance market.