Griffin, a UK-licensed bank that supplies embedded banking infrastructure to fintechs and platforms, has raised $20 million in a Series B round. The financing, led by Octagon Partners, values the company at more than $100 million and is intended to support expansion into card issuing and stablecoin services while carrying the business through to profitability.

Existing investors Notion Capital, A+ Ventures, Nordic Ninja and Breega also took part in the round. Griffin operates under a full banking licence granted by the Prudential Regulation Authority and the Financial Conduct Authority in March 2024. The firm was founded in 2017 by chief executive David Jarvis and Allen Rohner, a co-founder of CircleCI.

Expansion into Cards and Stablecoin Services

Proceeds will fund two main additions to Griffin’s agentic banking platform. On the card side, the bank will enable its customers to issue branded retail and corporate debit cards on its own rails. A credit card product is planned to follow.

On the stablecoin side, Griffin is developing reserve capabilities for businesses active in the stablecoin market and integrating on-chain cross-border payment functionality. These features are designed to broaden the existing offering of bank accounts, payments and compliance tools into a wider embedded finance stack.

The company said the new capabilities will deepen relationships with current clients and open additional use cases. Griffin noted that some existing customers already incorporate stablecoins into cross-border payment operations and seek a single provider for both traditional banking and blockchain rails.

Platform Scale and Growth Metrics

Since receiving its full banking licence and launching two years ago, Griffin has expanded from an initial group of five testing clients to more than 80 companies. Clients include Uber, Countingup, Anna Money, Yonder and Prosper. The platform now serves over 300,000 underlying retail and business customers and processes nearly 10 million payments a year.

Recurring revenue grew 3.2 times year-over-year in the 12 months to September 2026, according to unaudited figures. Octagon managing partner Paraag Davé said the bank is on track to surpass double-digit millions of pounds in annual recurring revenue in the near term.

The firm has also been included in the Sifted 250 ranking of Europe’s fastest-growing startups by revenue and in Tech Nation’s Future Fifty 2026 cohort of high-impact UK scale-ups. The Series B capital is expected to support continued growth while the company works toward sustainable profitability.