Griffin raises $20M Series B to add cards and stablecoins
London bank Griffin raised a $20M Series B led by Octagon Partners to add branded cards and stablecoin services for the 80-plus companies building on its UK license.
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Founded 2017 · London, United Kingdom
Griffin, the London bank that lets other companies build banking products on its UK license, has raised a $20M Series B led by Octagon Partners, announced on November 12, 2026, to add card issuing and stablecoin services and reach profitability.
A $20M Series B led by Octagon, at a valuation above $100M
Tech.eu and FinTech Global both reported the round on November 12, 2026. At the ECB reference rate of 1.1052 on November 13, the $20M comes to about €18.1M.
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Octagon Partners led. Existing backers Notion Capital, A+ Ventures, NordicNinja and Breega took part. Tech.eu puts the valuation above $100M and the total raised at around $95M.
The money pays for two new products and a profit target. Customers will be able to issue their own branded debit cards to consumers and corporate users, linked to their existing Griffin accounts and payments, and a credit card product is planned soon after, FinTech Global reported. On the stablecoin side, Griffin will build reserve capabilities for businesses active in that market and add on-chain cross-border payments.
80-plus companies, one UK banking license
Griffin is a bank, and more than 80 companies build on it, including Uber, Countingup, Anna Money, Yonder and Prosper, according to FinTech Global. Those clients serve over 300,000 retail and business end customers, and Griffin handles close to 10 million payments a year. It started with a pilot of five firms.
TechCrunch reported in March 2024 that Griffin raised $24M and gained its full UK banking license. It now operates under the dual PRA and FCA regime, FinTech Global reported. Recurring revenue grew 3.2x year on year to the September 2026 financial year end, FinTech Global reported, and Octagon’s Paraag Davé said annual recurring revenue will shortly clear double-digit £m.
David Jarvis, CEO and co-founder and a former Airbnb executive, said cards and stablecoins are “the natural next layer for our infrastructure.” Davé said that “Griffin’s combination of proprietary technology and AI provides a scaffolding for embedded banking.”
A $31.8 billion market growing at 14 percent a year
Future Market Insights sizes European embedded finance at $31.77 billion in 2025 and $117.77 billion by 2035, a 14.0 percent CAGR (Future Market Insights, May 2025). Custom Market Insights lands on a similar 2025 size, $31.47 billion, with an 11.95 percent CAGR to 2034 (Custom Market Insights, September 2025). Both are single-vendor forecasts.
The round also gives the sector a size reference. On November 10, Light Frame raised a $5.1M seed for core banking software aimed at private banks. Griffin’s Series B is nearly four times that check, and the two rounds sit side by side in our fundraising data.
What a licensed bank adds when it adds stablecoins
Griffin already sits under PRA and FCA supervision, so cards and stablecoin reserves arrive inside a regime its 80-plus clients already work with. Holding the license is what makes that possible. The good news for those clients is that the regulated base exists today, and each of them can add a branded debit card on its existing Griffin account, FinTech Global reported.
Griffin also sells KYC and anti-money-laundering services alongside accounts and payment integration, according to Tech.eu. All four existing backers named in the round came back, and Octagon led it.
Three milestones to watch after the Series B
The first is the profit target, which Tech.eu reports as a full year in the black. The second is the credit card, which FinTech Global says follows the debit card soon after. The third is the stablecoin reserve and on-chain payments build, the part of the roadmap with the least public detail so far. Coverage gave no firm date for any of the three.
