Griffin, a UK bank that builds banking infrastructure for fintech companies, has raised $20 million in a Series B round. The deal values the company at more than $100 million.
Some of the funding will go toward an area that most licensed banks still approach cautiously: stablecoins. Griffin plans to provide reserve services for stablecoin businesses and build onchain rails for cross-border payments.
The round and where the money goes
Announced on November 12, 2026, the round was led by Octagon Partners. Existing backers Notion Capital, A+ Ventures, Nordic Ninja and Breega also participated.
The raise brings Griffin’s total funding to nearly $95 million.
The funding has two main purposes. One is card issuing: Griffin plans to offer branded debit and credit cards.
The other is its stablecoin push, which has two parts: reserve services for companies that issue or handle stablecoins, and onchain payment rails to move money across borders.
The numbers behind the valuation
Griffin is not a pre-revenue moonshot. It already supports more than 80 companies, including Uber, and serves over 300,000 customers.
The bank processes nearly 10 million payments annually. As of September 2026, its recurring revenue had grown 3.2x year over year.
Griffin received its full UK banking license in March 2024.
The company also plans to apply for a US banking license in 2027.
Why a bank wants in on stablecoins
Griffin’s move reflects a broader convergence of traditional banking and blockchain-based finance. Rather than compete with stablecoin companies, it aims to be the regulated partner that holds their money and processes their payments.
That strategy builds on Griffin’s existing business. The company already provides infrastructure to fintechs, making stablecoin firms a natural adjacent market rather than a pivot.
