UK Bank Griffin Raises $20M for Cards and Stablecoin Services
Griffin’s $20 million Series B will fund card issuing and planned stablecoin reserve services and onchain cross-border payments on its banking platform.
Key Notes
- Griffin’s $20 million Series B, led by Octagon Partners, values the UK bank at more than $100 million.
- Funding will support card issuing, stablecoin reserve services and onchain cross-border payments.
- Supported stablecoins, blockchains, pricing and launch dates have not been disclosed.
UK bank Griffin has raised $20 million in a Series B round led by Octagon Partners to expand into card issuing and stablecoin services. The financing values the company at more than $100 million and backs an expansion of the banking infrastructure it supplies to fintechs and other platforms.
Notion Capital, A+ Ventures, Nordic Ninja, Breega and other existing investors also participated, Griffin said in its funding announcement. The bank says the capital will support its path to profitability as well as product development.
Stablecoin Reserves and Cross-Border Payments
The stablecoin plans have two components: reserve capabilities for businesses operating in the market, and onchain cross-border payments. Griffin has not named the stablecoins or blockchains it will support, disclosed pricing or set a launch date. The announcement describes services under development rather than a live stablecoin payment network.
The card business will initially let clients issue branded debit cards for retail and corporate users. Griffin plans to follow that with credit cards, bringing another payment function onto infrastructure that already provides accounts and compliance services.
CEO and co-founder David Jarvis described cards and stablecoins as “the natural next layer for our infrastructure.” The funding announcement does not say Griffin will issue its own stablecoin.
A Bank Built Into Other Companies’ Products
Griffin’s banking platform lets businesses embed bank accounts and payments into their own apps through an application programming interface, or API. Its role is to supply the banking infrastructure behind those customer experiences, rather than operate solely as a consumer-facing banking app.
Its existing product range includes operational business accounts, client money accounts, safeguarding accounts and embedded savings. Its Verify service supports customer onboarding with identity, sanctions and other compliance checks. These established capabilities provide the starting point for the planned expansion, although the announcement does not specify how stablecoin reserves will be structured.
According to Griffin’s company facts, it applied for a banking licence in May 2022, entered the restricted mobilisation stage in March 2023 and obtained full authorisation in March 2024. It is authorised by the Prudential Regulation Authority and regulated by both the PRA and Financial Conduct Authority.
Growth Beyond the Initial Banking Launch
The bank says more than 80 companies now use its infrastructure, including Uber and Yonder. It serves over 300,000 underlying retail and business customers and processes nearly 10 million payments annually. Recurring revenue grew 3.2 times year over year through September 2026, based on unaudited accounts.
The expansion comes as other banks connect conventional accounts with blockchain payments. PNC’s separate USDC pilot lets eligible corporate and institutional clients receive USDC on Ethereum, automatically converting it into dollar deposits. Griffin has outlined its intended capabilities while leaving the supported assets and operating arrangements for a later announcement.
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