UK banking technology company Griffin has raised $20m to expand its embedded finance platform, with plans to introduce card issuing and services supporting stablecoin payments alongside its existing banking infrastructure.
The Series B investment values Griffin at more than $100m and was led by Octagon Partners, with participation from Notion Capital, A+ Ventures, Nordic Ninja, Breega, and existing investors.
The funding will support the company’s product development plans and its objective of reaching sustainable profitability.
Griffin operates as a fully licensed UK bank, providing banking infrastructure to financial technology companies and other businesses seeking to incorporate regulated financial services into their products.
Its customers can use the platform to provide accounts and payment services without establishing their own banking institutions, subject to the applicable commercial and regulatory arrangements.
The company received its full UK banking licence in 2024 and has since expanded from a small group of businesses testing its technology into a provider serving more than 80 companies.
Customers include Uber, Countingup, Anna Money, Yonder, and Prosper.
Griffin says its infrastructure now supports more than 300,000 underlying retail and business customers and processes almost ten million payments annually.
New products expand the platform —
The investment will support the introduction of card issuing, allowing businesses to offer branded retail and corporate debit cards through Griffin’s infrastructure.
The company also intends to develop credit card capabilities following the initial debit card offering.
These additions would bring accounts, payments, and card services together within a common banking platform, potentially reducing the number of separate providers that customers need to integrate.
Griffin’s second planned expansion concerns stablecoin services.
The company intends to develop reserve capabilities for businesses operating in the stablecoin market and connect blockchain-based cross-border payment arrangements with its existing infrastructure.
Stablecoins are digital assets designed to maintain a value linked to a reference asset, often a conventional currency. Their use in commercial payments has attracted interest from financial technology companies seeking alternative arrangements for moving money internationally.
However, stablecoin services involve considerations that differ from conventional bank transfers, including the treatment of reserves, financial crime controls, settlement arrangements, and the relevant regulatory requirements.
The new card and stablecoin capabilities are part of Griffin’s product plans rather than services already available across its platform.
Growth follows expansion in embedded banking —
Griffin reported that recurring revenue increased 3.2 times compared with the previous year during the financial year ended September 2026.
The figure is based on unaudited accounts and remains subject to the completion of the company’s statutory audit.
Griffin’s business model differs from that of a conventional consumer bank. Rather than primarily seeking customers through its own retail brand, it supplies regulated infrastructure to other businesses that incorporate banking functions into their existing products and services.
That arrangement allows technology companies to concentrate on their customer applications while obtaining core banking capabilities from an authorised institution.
The company describes its technology as an agentic banking platform, reflecting its use of automation to support financial processes and the integration of banking services.
David Jarvis, Griffin’s chief executive and co-founder, said: “cards and stablecoins are the natural next layer for our infrastructure”.
Octagon Partners highlighted Griffin’s combination of proprietary technology, regulatory permissions, and growing customer relationships as factors supporting its investment.
The company operates under the UK’s Prudential Regulation Authority and Financial Conduct Authority frameworks, with the regulatory requirements associated with being an authorised bank.
The funding will enable Griffin to broaden its offering while it continues developing the financial and operational infrastructure used by its existing customers.
Its next phase will combine expansion into cards and digital asset services with the company’s stated objective of achieving profitability.
