Financeupdated 26m ago2 min read
Archive photoGriffin Raises $20 Million Series B Led by Octagon Partners for Cards and Stablecoin Services
5 Other4 Western AlternativePhoto: Lotus Head from Johannesburg, Gauteng, South Africa, CC BY-SA 2.5 · Cropped for layout
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Griffin raises $20 million Series B led by Octagon Partners. Valuation exceeds $100 million.
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Series B for cards and stablecoins
Griffin, a UK-licensed bank providing banking infrastructure to fintech companies and digital platforms, raised $20 mn in a Series B funding round led by Octagon Partners and valued the business at more than $100 mn. Griffin said the financing will support its growth towards profitability and expand its banking platform into card issuing and stablecoin-related services. Griffin said it plans to extend its existing accounts, payments and compliance infrastructure with additional financial products so businesses can integrate more banking functions through a single provider.
Griffin said its platform now supports more than 300,000 underlying retail and business customers and processes nearly 10 mn payments annually. David Jarvis, Griffin’s CEO and co-founder, said the new investment would allow the bank to build on its existing infrastructure and expand the financial services available to customers.
Regulated platform, new product layers
Griffin said it operates under the UK’s dual Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) regulatory framework. Paraag Davé of Octagon said Griffin’s expansion since receiving its banking licence demonstrates demand for embedded banking infrastructure that can support rapid product development while maintaining regulatory compliance. Griffin said it intends to develop reserve capabilities for businesses operating in the stablecoin market and integrate on-chain cross-border payment functionality.
Griffin said its first card-issuing step will let customers introduce branded retail and corporate debit cards using Griffin’s existing banking systems. Griffin said it plans to follow the debit card launch with a credit card offering, while not announcing specific launch dates.
Scale, revenue growth, next risks
Griffin said it expanded from an initial testing group of five companies to a banking infrastructure provider serving more than 80 fintech businesses and platforms. Griffin said its customers include Uber, Countingup, Anna Money, Yonder and Prosper, and it provides clearing and embedded banking services, including white-labelled banking infrastructure. Griffin reported 3.2-fold year-on-year recurring revenue growth for the financial year ended September 2026.
Paraag Davé said Griffin will shortly clear double-digit millions of pounds in annual recurring revenue, while Griffin said it has not disclosed a specific timeline for achieving profitability. Griffin said it has not disclosed the technical specifications, launch timetable or commercial arrangements for these stablecoin services.