UK-Based Embedded Banking Pioneer Griffin Secures $20 Million in Series B Funding to Reach Profitability and Expand into Cards and Stablecoins

UK-based embedded finance platform and licensed bank Griffin has successfully raised US$20 million in a Series B funding round. The latest investment was led by Octagon Partners, with participation from a robust roster of existing backers including Notion Capital, A+ Ventures, Nordic Ninja, and Breega. This fresh capital infusion values the company at over US$100 million and marks a significant milestone in the startup’s journey as it scales its operations within the highly competitive financial technology sector.

According to leadership at Griffin, the newly acquired capital is strategically intended to carry the business through to profitability. Beyond achieving this crucial financial milestone, the funds will directly finance the launch of vital new product lines on its platform, specifically card-issuing capabilities and stablecoin reserve services. As modern fintechs and non-financial platforms increasingly seek out reliable, compliant infrastructure to offer native financial products to their users, Griffin is positioning itself at the forefront of this technological shift.

Griffin achieved a major regulatory milestone two years ago when it officially became a fully licensed UK bank. At the time of its initial rollout, the nascent institution began operations with a modest cohort of just five companies testing its banking and compliance systems. Since then, the platform has experienced rapid expansion, reflecting a growing market demand for dependable BaaS (Banking-as-a-Service) providers that balance innovation with rigorous regulatory compliance.

Today, more than 80 firms rely on Griffin for their clearing and embedded, white-labelled banking services. The impressive roster of clients utilizing Griffin’s infrastructure includes major household names and fast-growing innovators such as Uber, Countingup, Anna Money, Yonder, and Prosper. Through these partnerships and platforms, the bank indirectly serves more than 300,000 retail and business customers across the United Kingdom, processing nearly 10 million individual payment transactions every year.

With the financial backing of its Series B round, Griffin is preparing to roll out the next layer of its technological architecture. The company plans to enable its diverse client base to issue branded debit cards directly to both retail and corporate users, creating a seamless experience for end consumers. Furthermore, a dedicated credit card offering is anticipated to follow shortly after the initial debit card rollout, allowing client platforms to deepen their financial engagement with their respective customer bases.

In parallel with its expansion into traditional card issuing, Griffin is making strategic moves into the digital asset ecosystem. The bank is currently building specialized reserve services tailored specifically for corporate entities that operate within the stablecoin market. By providing secure and compliant backing for digital currencies, Griffin aims to bridge the gap between traditional fiat banking and blockchain-based finance. Additionally, the institution plans to introduce on-chain cross-border payments, facilitating faster and more efficient international money movements for the digital economy.

Reflecting on the successful funding round and the company’s future trajectory, David Jarvis, CEO and co-founder at Griffin, emphasized the strategic alignment between their product roadmap and market demand. He noted that the new round allows the business to push further into essential financial layers, stating that cards and stablecoins represent the natural next step for their infrastructure, and highlighting that the strong response from investors reflects the immense scale of the opportunity ahead of them.

Paraag Davé, Managing Partner at Octagon Partners, also shared insights on Griffin’s impressive market performance and operational growth since its public launch. He remarked that Griffin has grown rapidly from its launch in 2024 to powering over 80 fintechs and platforms that trust the institution to move fast without ever compromising on regulatory compliance. Davé further noted that the company is on track to clear double-digit millions in annual recurring revenue in the near future, underscoring the commercial viability of Griffin’s specialized banking model.