UK-based Griffin, a bank serving fintechs and platforms, has closed a Series B funding round of approximately USD 20 million, led by Octagon Partners. Existing investors Notion Capital, A+ Ventures, Nordic Ninja, and Breega also participated. The round values the company at more than USD 100 million.
According to the original announcement, the funding is intended to carry Griffin through to profitability. It will also finance the expansion of the company’s agentic banking platform into card issuing and stablecoin services, widening the infrastructure available to businesses that build financial products.
Cards and stablecoins as the next layer
The new capital will fund two additions to Griffin’s offering. First, card issuing will let customers launch branded retail and corporate debit cards, so that accounts, payments, and cards run on the same banking infrastructure. Griffin plans to follow the debit launch with a credit card product.
Second, the company is building stablecoin services. These include reserve capabilities for businesses operating in the stablecoin market and on-chain cross-border payment functions.
Griffin’s current proposition centres on bank accounts, payments, and compliance infrastructure. With cards and stablecoins added, it would offer a broader embedded finance stack and could support a wider range of use cases among its existing customers. David Jarvis, CEO and co-founder, Griffin, described cards and stablecoins as the logical next layer of its infrastructure.
Regulatory positioning
Griffin operates under the dual supervision of the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). Paraag Davé from Octagon, argued that combining proprietary technology and AI with this regulatory framework gives Griffin a position that neither traditional fintechs nor incumbent banks can easily replicate. The representative also said that Griffin is close to reaching double-digit millions in annual recurring revenue.
For the Embedded Finance market, the move reflects a wider pattern of licensed infrastructure providers adding new product layers on top of their existing clients. If Griffin delivers cards and stablecoin reserves alongside its core accounts, the companies building on it could offer these products without integrating additional providers.
