Griffin secures $20m series B to expand banking services

By Divya Shah

UK-based digital bank Griffin has raised $20 million in a Series B funding round, taking its valuation above $100 million. The funding will support its expansion into card issuing and stablecoin services as it looks to broaden its banking infrastructure offering for FinTech companies and businesses. 

The round was led by Octagon Partners, with participation from existing investors including Notion Capital, A+ Ventures, Nordic Ninja and Breega. 

Griffin plans to use the funding to expand its agentic banking platform, reach profitability and develop additional financial services for businesses building banking and payment products.  

Its planned card issuing service will allow customers to launch branded debit cards for both individual and corporate users, integrated with accounts and payment services already available through Griffin’s platform. The company also plans to introduce a credit card product.  

David Jarvis, CEO and co-founder of Griffin, said the company had built banking infrastructure used by more than 80 businesses since launching as a bank two years ago. 

He added that card issuing and stablecoin services represented the next stage of its development and would allow the company to support a wider range of financial products. 

In the stablecoin market, Griffin intends to develop reserve services for businesses operating with stablecoins and introduce on-chain cross-border payments. These additions are expected to expand its offering beyond core banking accounts, payments and compliance services into a broader embedded finance platform. 

Since receiving its full UK banking licence in 2024, Griffin has expanded from an initial pilot group of five companies to serving more than 80 businesses. Its customers include Uber, Countingup, Anna Money, Yonder and Prosper, which collectively serve more than 300,000 retail and business customers. 

The bank processes close to 10 million payments annually. Its recurring revenue also grew 3.2 times year-on-year in the period ending September 2026.  

Paraag Davé of Octagon Partners said Griffin had grown rapidly since receiving its full banking licence, with expansion in both its customer base and revenue. 

He added that the combination of its proprietary technology, artificial intelligence capabilities and regulatory framework positioned the company to support embedded banking services for fintechs and other businesses.