Griffin, a UK-licensed bank providing banking infrastructure to fintech companies and digital platforms, has raised $20 mn in a Series B funding round led by Octagon Partners, valuing the business at more than $100 mn.
Existing investors Notion Capital, A+ Ventures, Nordic Ninja and Breega also participated, alongside other backers. The financing is intended to support Griffin’s growth towards profitability and finance the expansion of its banking platform into card issuing and stablecoin-related services.
- Griffin secured $20 mn in Series B financing led by Octagon Partners, valuing the UK banking infrastructure provider at more than $100 mn.
- The bank reported 3.2-fold annual recurring revenue growth in the year ended September 2026 and now serves over 80 companies and 300,000 underlying customers.
- Griffin plans to introduce debit and credit card issuing, stablecoin reserve services and on-chain cross-border payments as it works towards profitability.
The company plans to extend its existing accounts, payments and compliance infrastructure with additional financial products, allowing businesses to integrate more banking functions through a single provider.
Griffin expands banking infrastructure to more than 80 companies
Since obtaining its full UK banking licence and launching operations in 2024, Griffin has expanded from an initial testing group of five companies to a banking infrastructure provider serving more than 80 fintech businesses and platforms. Its customers include Uber, Countingup, Anna Money, Yonder and Prosper.
Griffin provides clearing and embedded banking services, including white-labelled banking infrastructure that allows businesses to offer financial products under their own brands.
The platform now supports more than 300,000 underlying retail and business customers and processes nearly 10 mn payments annually.
For the financial year ended September 2026, Griffin reported 3.2-fold year-on-year recurring revenue growth.
The company was included in the Sifted 250 ranking of Europe’s fastest-growing startups by revenue and selected for Tech Nation’s Future Fifty 2026 cohort.
David Jarvis, Griffin’s CEO and co-founder, said the new investment would allow the bank to build on its existing infrastructure and expand the financial services available to customers.
Since launching as a bank two years ago, we’ve built the infrastructure that over 80 companies now rely on to bring banking products to their customers.
David Jarvis, Griffin’s CEO and co-founder
He described cards and stablecoins as the next additions to Griffin’s platform, citing investor interest in the company’s growth strategy.
Griffin plans debit cards, credit cards and stablecoin services
Griffin intends to use the Series B funding to develop two additional areas of its banking infrastructure.
The first is card issuing, which will allow customers to introduce branded retail and corporate debit cards using Griffin’s existing banking systems.
By combining card issuing with accounts and payment processing, the company aims to provide businesses with a wider range of embedded financial services without requiring separate banking infrastructure providers.
Griffin plans to follow the debit card launch with a credit card offering, although it has not announced specific launch dates.
The second area involves stablecoin infrastructure. Griffin plans to develop reserve capabilities for businesses operating in the stablecoin market and integrate on-chain cross-border payment functionality.
The proposed services would extend its operations beyond conventional bank accounts and payment systems into infrastructure supporting digital asset-related transactions.
The company has not disclosed the technical specifications, launch timetable or commercial arrangements for these stablecoin services.
Both initiatives are intended to broaden Griffin’s product range and increase the number of financial services existing customers can access through its platform.
Agentic AI and banking regulation support Griffin’s growth strategy
Griffin describes its technology as an agentic banking platform, combining proprietary software and artificial intelligence with the regulatory infrastructure of a fully licensed UK bank.
The company operates under the UK’s dual Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) regulatory framework.
Octagon Partners views the combination of banking authorisation, proprietary technology and AI as a competitive advantage over traditional fintech infrastructure providers and established banks.
Paraag Davé of Octagon said Griffin’s expansion since receiving its banking licence demonstrates demand for embedded banking infrastructure that can support rapid product development while maintaining regulatory compliance.
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.
Paraag Davé of Octagon
He added that the business was approaching double-digit millions of pounds in annual recurring revenue.
Octagon also identified Griffin’s proprietary technology and AI capabilities, operating within the PRA and FCA regulatory regime, as important elements of its business model.
The company has not disclosed a specific timeline for achieving profitability. Its latest funding is intended to finance operations through that transition while supporting the introduction of card issuing and stablecoin services.
