London-based Griffin has raised $20 million in Series B funding to expand its embedded banking platform with card issuing and stablecoin payment capabilities. The round was led by Octagon Partners, with participation from Notion Capital, A+ Ventures, Nordic Ninja, Breega and other existing investors.
The investment values Griffin at more than $100 million and is expected to support the company through to profitability. Founded in 2017 by David Jarvis (CEO) and Allen Rohner (CTO), Griffin develops banking infrastructure that allows fintech companies and other businesses to offer financial services without building their own banking systems.
Griffin received its full UK banking licence in March 2024 and has since expanded from five early customers to more than 80 companies, including Uber, Countingup, ANNA Money, Yonder and Prosper. Its infrastructure now serves more than 300,000 underlying retail and business customers and processes nearly 10 million payments per year.
Building Banking Infrastructure for Fintechs and Platforms
Griffin operates as a fully licensed UK bank, providing accounts, payments and compliance infrastructure through APIs that businesses can integrate into their own products.
Its customers use the platform to offer services such as embedded bank accounts, payment processing and savings products. By providing the underlying banking infrastructure, Griffin allows companies to develop financial products without managing every aspect of banking operations independently.
The company has expanded significantly since receiving its full banking licence. According to its latest announcement, Griffin recorded 3.2 times year-on-year recurring revenue growth for the financial year ended September 2026. The figures are based on unaudited accounts and remain subject to the completion of its statutory audit.
Griffin has also been included in the Sifted 250 ranking of European startups by revenue growth and selected for Tech Nation’s Future Fifty 2026 programme.
“Since launching as a bank two years ago, we’ve built the infrastructure that over 80 companies now rely on to bring banking products to their customers,” said David Jarvis, Co-founder and CEO of Griffin. “This round lets us go further: cards and stablecoins are the natural next layer for our infrastructure.”
$20M Series B to Add Cards and Stablecoin Services
Griffin plans to use the funding to introduce two major additions to its banking platform: card issuing and stablecoin-related services.
The card issuing product will allow businesses to launch branded retail and corporate debit cards through Griffin, bringing bank accounts, payments and cards onto the same infrastructure. The company also intends to introduce credit card capabilities following the initial debit card launch.
In stablecoins, Griffin plans to develop reserve services for businesses operating in the sector and integrate blockchain-based cross-border payment capabilities. These services will extend its existing banking infrastructure to support companies working with digital assets and international payments.
The investment was led by Octagon Partners, with participation from Notion Capital, A+ Ventures, Nordic Ninja and Breega, alongside other existing investors.
“Griffin has grown rapidly from its launch in 2024 to powering over 80 fintechs and platforms who trust Griffin to move fast without compromising on compliance,” said Paraag Davé of Octagon Partners.
The funding will also support Griffin’s broader development as it works towards profitability. With more than 80 business customers already using its infrastructure, the company plans to add cards and stablecoin capabilities to its existing accounts, payments and compliance services.
