Griffin raises $20M at a valuation above $100M to build stablecoin services

The UK embedded banking specialist plans to use its Series B to develop stablecoin reserves, onchain cross-border payment rails and card issuing. Griffin, a UK bank that builds banking plumbing for fintech companies, has raised $20 million in a Series B round. The deal values the company at more than $100 million.

Funding Details

The round was announced on November 12, 2026, with Octagon Partners leading the investment. Existing backers Notion Capital, A+ Ventures, Nordic Ninja and Breega also participated. With this raise, Griffin's total funding now approaches $95 million.

The capital will be used for two main purposes: developing branded debit and credit cards, and building stablecoin infrastructure including reserve services for stablecoin businesses and onchain payment rails for cross-border transactions.

Company Performance

Griffin is already generating significant revenue, supporting more than 80 companies including Uber and serving over 300,000 customers. The bank processes nearly 10 million payments annually, with recurring revenue growing 3.2x year-on-year as of September 2026.

The company received its full UK banking license in March 2024 and plans to apply for a US banking license in 2027.

Strategic Move

Griffin's expansion into stablecoin services reflects a broader trend of traditional banking embracing blockchain technology. Rather than competing with stablecoin companies, Griffin aims to become the regulated partner that holds their reserves and processes their payments.

This move represents a natural extension of Griffin's existing business model of providing banking infrastructure to fintech companies, positioning it at the intersection of traditional finance and digital assets.