Griffin, a UK banking platform enabling fintechs and digital companies to embed accounts and payments, has raised $20 million in a Series B round led by Octagon Partners. This funding will support its expansion into card issuing and stablecoin technology as it pushes toward profitability.
- Raised $20M Series B led by Octagon Partners
- Expanding into card issuing and stablecoin services
- Supports growth toward profitability with 80+ fintech clients
What happened
Griffin, a UK bank specializing in embedded finance for fintechs and platforms, closed a $20 million Series B funding round led by Octagon Partners. Existing investors including Notion Capital, A+ Ventures, Nordic Ninja, and Breega also participated. The latest round values Griffin at over $100 million and aims to fund the company’s expansion into card issuing and stablecoin services.
Founded in 2017 and granted a full banking license by UK regulators in March 2024, Griffin has enabled more than 80 companies, such as Uber and Anna Money, to embed banking and payment capabilities within their products. With over 300,000 end users supported and nearly 10 million payments processed annually, the bank’s platform has experienced rapid growth, marked by a 3.2x year-on-year increase in recurring revenue through September 2026.
Why it matters
Griffin’s move into card issuance and stablecoins signals a broader trend in embedded finance, where banks provide modular financial infrastructure beyond traditional account services. By launching branded retail and corporate debit cards, Griffin empowers its clients to offer seamless payment experiences directly within their platforms. A credit card product is expected to follow, further diversifying the bank’s offerings.
What to watch next
Observers should monitor Griffin’s rollout of its card issuing services, including the adoption rates of branded retail and corporate debit cards by its fintech clients. How quickly the credit card product launches and integrates will also be an important indicator of the bank’s expanding product roadmap and market traction.
On the stablecoin front, key developments will include the launch of reserve capabilities and the implementation of on-chain payment solutions. These innovations could open new revenue streams and expand Griffin’s role in the fast-evolving intersection of embedded finance and blockchain technology, potentially setting new standards for regulated banking infrastructure in the UK and Europe.