Uber’s UK Banking Partner Griffin Raises $20M for Stablecoin Services
The London-based bank will use the funding to expand card issuing and stablecoin services as recurring revenue rose 3.2 times year-on-year.
- On Thursday, London-based digital bank Griffin raised $20 million in a Series B round led by Octagon Partners, valuing the company at over $100 million to fund expansion into card issuance and stablecoin services.
- Founded in 2017 by David Jarvis and Allen Rohner, Griffin secured a full banking license from the Prudential Regulation Authority and the Financial Conduct Authority in March 2024, enabling it to serve embedded finance customers.
- "Cards and stablecoins are the natural next layer for our infrastructure," CEO David Jarvis said, as the bank develops reserve capabilities and integrates on-chain cross-border payments to widen its embedded finance stack.
- Griffin reported that recurring revenue grew 3.2 times year-on-year in the 12 months ending in September, while the platform serves more than 300,000 retail and business customers and processes nearly 10 million payments annually.
- Paraag Dav, managing partner at Octagon, expects Griffin's annual recurring revenue to exceed 10 million British pounds soon, as the financing aims to carry the bank to profitability—a milestone few licensed challengers in Europe have achieved.
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UK bank Griffin raises $20 million to expand into stablecoin payments
Griffin raises $20M to add cards and stablecoins to its banking platform
Griffin, the UK bank that lets fintechs and platforms embed accounts and payments into their own products, has raised a $20M Series B led by Octagon Partners. The round values the London-based company at over $100M and will fund its expansion into card issuing and stablecoin services. Notion Capital, A+ Ventures, Nordic Ninja, Breega, and […] This story continues at The Next Web
Griffin raised $20 million in a Series B round led by Octagon Partners, with the participation of Notion Capital, A+ Ventures, Nordic Ninja, Breega and other existing investors. Funding values the British bank at more than $100 million and will support its next stage of growth. The round will be aimed at expanding Griffin’s platform to ... Read more
British Digital Bank Griffin gets $20 million in Series B round and plans to expand cards, stablecoins and international payments
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