London-based Griffin, which describes itself as the UK’s fully licensed bank built for FinTechs and platforms, has raised a $20m (£15m) Series B led by Octagon Partners.
The round values the business at more than $100m (£75m), according to the company.
Griffin said the funding marks a major next step for the business, which it says has grown rapidly since securing its full banking licence in 2024.
More than 80 companies now build on Griffin’s infrastructure, including Uber, Yonder and Countingup.
Those companies serve over 300,000 underlying customers, and Griffin processes nearly 10 million payments annually.
Recurring revenue grew 3.2x year-on-year, the company said.
Griffin will use the investment to expand into card issuing and stablecoin services. These include infrastructure for stablecoin reserves and on-chain cross-border payments.
The company said its ambition is to bring traditional banking, payments, cards and stablecoin capabilities together under one regulated platform.
“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,” said David Jarvis (pictured), CEO and co-founder, Griffin.
“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.
“We’re delighted to have Octagon leading this round alongside our existing investors.”
Paraag Davé from Octagon added: “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 millions in annual recurring revenue.
“The growth over the pastwo years since getting the full banking licence, both in customers and in revenue, speaks for itself.
“Griffin’s combination of proprietary technology and AI provides a scaffolding for embedded banking under a dual PRA/FCA regulatory regime that represents the sort of defensible moat that neither traditional FinTechs nor traditional banks can compete with.”
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