UK Bank Griffin Raises $20M at Over $100M Valuation to Expand Into Stablecoin Services
London-based embedded bank Griffin closed a $20 million Series B round led by Octagon Partners, valuing the company above $100 million. The capital will fund stablecoin reserve services, onchain cross-border payment rails and card issuing.
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The Funding Round
Griffin, a UK bank that provides banking infrastructure to fintech companies, raised $20 million in a Series B round, according to both CoinDesk and Crypto Briefing. The round was announced November 12, 2026, and values the company at more than $100 million. Octagon Partners led the round, with existing backers Notion Capital, A+ Ventures, Nordic Ninja and Breega also participating. With this raise, Griffin's total funding now approaches $95 million.
Where the Money Goes
The capital has two main uses. The first is card issuing, with Griffin planning branded debit and credit cards. The second is a stablecoin push with two parts: reserve services for companies that issue or handle stablecoins, and onchain rails for moving money across borders.
The stablecoin plan is the more notable element. Griffin described its role as the regulated partner that holds stablecoin issuers' money and moves their payments, rather than a competitor to stablecoin firms. Crypto Briefing characterized this as a natural extension of the company's existing business of selling infrastructure to fintechs.
Existing Business and Traction
The company already has operating scale. Griffin supports more than 80 companies, including Uber, and serves over 300,000 customers. It processes nearly 10 million payments per year. Crypto Briefing reports that its recurring revenue grew 3.2x year-on-year as of September 2026. CoinDesk did not cite the revenue figure, so this metric rests on a single source.
Regulatory Plans and Context
Griffin plans to apply for a US banking license in 2027, per Crypto Briefing. The filing is not yet made, and the timeline is a stated intention rather than a confirmed schedule. The move reflects a broader convergence between traditional banking and blockchain-based finance, with licensed institutions increasingly positioning themselves as custodians and payment operators for stablecoin businesses.
Why It Matters
For Traders
Griffin is a private company, so no tradable asset moves directly, but its stablecoin reserve and payment services signal growing bank-side demand for stablecoin infrastructure.
For Investors
A licensed bank positioning itself as the regulated partner for stablecoin issuers points to institutional channels forming around stablecoin payments rather than only around crypto-native firms.
For Builders
Builders integrating stablecoins with fiat rails may find licensed embedded-bank partners like Griffin increasingly available for reserve custody and cross-border settlement.
This article is for information only and is not financial advice. Read the full disclaimer.
