UK-based Griffin has raised US$20 million in a Series B round led by Octagon Partners. The bank serves fintechs and platforms that offer banking products to their own customers.

Notion Capital, A+ Ventures, Nordic Ninja, Breega and other existing investors joined the round, which values the company at more than US$100 million.

According to Griffin, the new capital will carry the business through to profitability. It will also fund the launch of card issuing and stablecoin services on its platform.

Griffin became a fully licensed UK bank two years ago, starting with five companies testing its systems.

Today, more than 80 firms use its clearing and embedded, or white-labelled, banking services.

They include Uber, Countingup, Anna Money, Yonder and Prosper.

Through these firms, the bank serves over 300,000 retail and business customers and handles nearly 10 million payments a year.

With the new funds, Griffin plans to let its clients issue branded debit cards to retail and corporate users. A credit card offering is expected to follow.

On stablecoins, the bank is building reserve services for firms that operate in the stablecoin market. It also plans to add on-chain cross-border payments.

“This round lets us go further: cards and stablecoins are the natural next layer for our infrastructure, and the response from investors so far reflects the scale of the opportunity ahead of us,”

said David Jarvis, CEO and co-founder at Griffin.

“Griffin has grown rapidly from its launch in 2024 to powering over 80 fintechs and platforms who trust Griffin to move fast without compromising on compliance and will shortly clear double digit £m in annual recurring revenue,”

said Paraag Davé, Managing Partner at Octagon Partners.

Featured image: Edited by Fintech News Switzerland, based on image by Griffin via its website.