Griffin raises $20 million for card and stablecoin expansion
Octagon Partners led the Series B, which values the UK bank at over $100 million. Griffin says the financing will take it to profitability.
UK bank Griffin has raised $20 million to expand its services for businesses into card issuing and stablecoins. Octagon Partners led the Series B, with participation from existing investors including Notion Capital, A+ Ventures, Nordic Ninja and Breega.
The London-based bank plans to begin its card offering with branded debit cards for retail and corporate use that its business customers can issue through its infrastructure. Credit cards are planned to follow. For stablecoins, Griffin is developing reserve capabilities for businesses in the sector and integrating cross-border payments using on-chain technology.
Griffin says more than 80 companies use its infrastructure, among them Uber, Countingup, Anna Money, Yonder and Prosper. Its initial testing group comprised five companies. According to the bank, its platform now supports over 300,000 retail and business customers and handles nearly 10 million payments annually.
The bank reported that recurring revenue grew 3.2 times year-on-year during the 12 months to September 2026, noting that the figures came from unaudited accounts. Griffin says the new financing will support it through to profitability.
David Jarvis and CircleCI co-founder Allen Rohner established Griffin in 2017. The Prudential Regulation Authority and Financial Conduct Authority granted it a full banking license in March 2024. Its business focuses on enabling other companies to incorporate banking accounts and payments into their products.
