Griffin, a UK-based banking infrastructure provider, has raised $20 million in a Series B funding round led by Octagon Partners, at a valuation exceeding $100 million. The company announced the raise in a blog post. Griffin's platform supplies the underlying banking infrastructure that other businesses use to embed financial services in their own products, and the new capital will take it beyond core banking offerings into stablecoins and card products.

Other investors in the round included existing backers Notion Capital, A+ Ventures, Nordic Ninja and Breega, all of whom had previously invested in the company. Griffin said the investment will support its growth toward profitability while financing the next stage of its product development.

From Testing to a Fully Licensed Bank in 2024

Griffin moved from testing to becoming a complete UK bank in 2024 after receiving its banking license, and more than 80 businesses now operate on its platform. Its customers include fintechs and consumer platforms such as Uber, Countingup, Anna Money, Yonder and Prosper.

Through those integrations, Griffin serves more than 300,000 underlying retail and business customers and handles nearly 10 million payments per year, according to the company. Unaudited recurring revenue increased 3.2 times year over year at the end of the financial year, which closed on September 26, 2026.

David Jarvis, Griffin's CEO and co-founder, said the fresh investment will enable the company to add cards and stablecoins to its banking capabilities as the next step for the business. Both are framed as extensions of the fully licensed platform its customers already operate on, rather than products built outside Griffin's existing banking infrastructure.

Card Issuing and Stablecoin Services Lead the Roadmap

According to the announcement, two features are slated to launch soon: a card-issuing service and a set of stablecoin capabilities. Card issuing will let businesses launch corporate and retail debit cards built on Griffin's banking infrastructure, unifying bank accounts, payment services and cards on a single platform. A credit card offering will follow the initial debit card products, which the company also plans to introduce.

Stablecoin Reserves and On-Chain Cross-Border Payments

On the stablecoin side, Griffin will build reserve capabilities for businesses in the stablecoin space and incorporate on-chain payment options for cross-border transactions. The intended services would allow companies to operate across both blockchain payment systems and traditional banking services. For businesses bridging on-chain and traditional rails, that would place stablecoin reserve management and conventional banking with a single licensed institution.

The stablecoin capabilities are listed as part of Griffin's development roadmap, which the company notes is not necessarily a reflection of products currently available to customers. Once delivered, the expansion would enable Griffin to serve businesses that want to offer both traditional banking products and stablecoin payments without constructing the underlying financial framework themselves. With both product lines still ahead of launch, their progression from roadmap entries to customer availability is the development to watch next.

Investors Cite Regulatory Standing and Revenue Growth

Investor attention has turned to Griffin as demand for embedded banking infrastructure continues to grow, with more companies seeking to offer financial services within their own products. Octagon Partners emphasized the firm's regulatory framework with the UK's Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), alongside its proprietary technology and AI systems.

Paraag Davé, Octagon's head analyst, also referenced customer growth and revenues since Griffin was granted its banking license, stating that the company is approaching double-digit millions of pounds of revenue per year.

Source: Crypto Ninjas