UK bank Griffin has closed a $20 million Series B led by Octagon Partners, valuing the company at more than $100 million post-money. The capital will fund corporate stablecoin reserve services, onchain cross-border payments and a new card programme. The raise lands as the Bank of England reworks its proposed stablecoin rules.
🔑 Key takeaways
- Griffin raises $20 million in a Series B led by Octagon Partners, valuing the London-based bank at more than $100 million post-money.
- Proceeds will go to corporate stablecoin reserves, onchain cross-border payments, and branded debit and credit cards.
- The company reports more than 80 business clients and recurring revenue up 3.2x year on year, based on unaudited accounts.
- The FCA published final stablecoin issuance rules in June 2026, with the wider regime due to take effect on 25 October 2027.
A Series B to Fund the Banking Infrastructure
Griffin, a UK bank holding a full banking licence, has closed a $20 million Series B. Octagon Partners leads the round, with participation from Notion Capital, A+ Ventures, Nordic Ninja, Breega and other existing investors. Dealroom explicitly classifies the valuation as post-money, meaning above $100 million after the funds are received. CoinDesk and TechFundingNews do not specify this point.
The company positions itself as a full-stack Banking as a Service (BaaS) platform. It combines the secure, regulated infrastructure of a bank with modern software, delivered through APIs and a developer environment. Clients can use it to launch payment platforms, financial wellbeing apps, customer accounts or business lending products. Innovate Finance lists Griffin among its London members in the “Scaleup Innovator” category.
Stablecoins and Cards: The Next Layer of the Stack
The proceeds will fund two priorities. The first is corporate stablecoin reserve services and onchain cross-border payments, integrated into the banking platform. Fintechs will be able to access traditional banking services and blockchain payment rails from a single provider. The move responds to existing clients that already use stablecoins for cross-border payments.
The second priority is card issuance: branded debit cards for distribution and business customers, plus a credit card product. Griffin already runs the Uber Pro Card for drivers and couriers in the UK. In its January outlook, whose year TechFundingNews does not specify, the company described itself as very positive and expected demand for cards, FX, credit and asset custody.
“Since launching our bank two years ago, we have built the infrastructure that more than 80 businesses rely on to offer banking products to their customers. This raise allows us to go further: cards and stablecoins are the natural next layer of our infrastructure, and investor response so far reflects the scale of the opportunity ahead. We are delighted to have Octagon lead this round alongside our existing investors.”
David Jarvis, Chief Executive and Co-founder, Griffin
Reported Growth: Numbers to Read With Caution
Griffin has grown from five trial clients to more than 80 business clients, including Uber, Countingup, Anna Money, Yonder and Prosper. It had more than 50 platform clients in December 2025 and now serves more than 300,000 customers, both individuals and businesses, processing roughly 10 million payments a year.
| Metric | Reported figure | Status |
|---|---|---|
| Business clients | More than 80 | Company statement |
| Platform clients (December 2025) | More than 50 | Company statement |
| Individual and business customers | More than 300,000 | Company statement |
| Payments processed per year | About 10 million | Company statement |
| Recurring revenue | Up 3.2x year on year (through September 2026) | Unaudited accounts |
| Series A | $13.5M, led by MassMutual Ventures | Innovate Finance, date not given |
| 2024 round | $24M, led by MassMutual Ventures | TechFundingNews |
The most sensitive figure is revenue. The 3.2x increase rests on unaudited accounts that could change after the statutory audit. Griffin has not disclosed its current recurring revenue or when it expects to become profitable.
A History That Needs Clarifying
Sources disagree on the company’s origins. TechFundingNews first describes it as a London bank founded in 2017, then as a company established in 2022 by David Jarvis, a former Airbnb employee, and Allen Rohner, co-founder of CircleC. The group says it obtained its full UK banking licence and launched banking operations in 2024, with five client companies testing the system. That year it also raised $24 million. Innovate Finance separately lists a $13.5 million Series A led by MassMutual Ventures, without a date.
“The combination of Griffin’s proprietary technology and artificial intelligence provides a backbone for the integrated bank under a dual PRA/FCA regime, which is the kind of defensible advantage that neither traditional fintechs nor traditional banks can compete against.”
Paraag Dave, Managing Partner, Octagon Partners
Differentiation is also an open question. TechFundingNews points to ClearBank, which raised $230 million from Apax in 2022 and also holds a UK banking licence. The outlet asks whether Griffin’s licence will still set it apart from ClearBank once its cards launch.
UK Regulation: Tightening Before Easing
The Financial Conduct Authority (FCA, the UK financial markets regulator) published its final rules on stablecoin issuance in June 2026. The broader regime is due to take effect on 25 October 2027. Dealroom sees this as a window for Griffin to build its services, while noting that regulatory implementation is still to come.
The Bank of England’s earlier proposals included temporary holding limits of GBP 20,000 per stablecoin for individuals and GBP 10 million for businesses, designed to limit rapid outflows of bank deposits into digital assets. The central bank also consulted on requiring at least 40% of backing reserves to sit in non-interest-bearing accounts at the Bank of England, with the remainder invested in government securities and liquid assets. The structure was stricter than US frameworks and drew criticism from industry participants.
The Bank is now preparing to soften these restrictions after industry pressure. Deputy Governor Sarah Breeden said she was examining “very carefully whether there are other ways to manage what we regard as a material risk as stablecoins emerge”.
“very carefully whether there are other ways to manage what we regard as a material risk as stablecoins emerge”
Sarah Breeden, Deputy Governor, Bank of England
Market context puts the stakes in perspective. Sterling stablecoins account for less than 0.5% of a global market of about $315 billion. Dollar-backed products such as Tether and USDC dominate liquidity and settlement. George Morris, digital assets partner at Simmons & Simmons, warned that without more competitive rules, “that will not change”. Mark Fairless, chief executive of ClearBank, argued that the review offers a chance to build a more proportionate framework that balances financial stability with innovation.
The Bank of England’s consultation on systemic sterling stablecoins, launched in November, covers issuance, custody, payment use and settlement. It is designed to run alongside the frameworks of the FCA and HM Treasury.
In its 2026 report, the Bank for International Settlements (BIS) concludes that current stablecoin designs do not meet all the core properties of money, namely stability of nominal value, elasticity of liquidity and interoperability. Widespread adoption would make macro-financial risks depend on reserve composition and foreign demand. The BIS calls for internationally coordinated safeguards and a unified ledger combining tokenised central bank reserves, tokenised commercial bank money and tokenised assets.
Conclusion: Outlook and Scenarios
Griffin’s strategy fits the sector’s direction: become the infrastructure linking fintechs, cards and stablecoins. The $20 million raise gives it room to accelerate, but its valuation and revenue still rest on unaudited and incomplete data.
Three scenarios stand out. In the base case, the UK eases its rules as expected, demand for stablecoin cross-border payments grows and cards find their market by 2027. In the bullish case, the FCA regime sets a clear framework that favours licensed players. In the bearish case, stricter rules or competition from ClearBank and US players slow adoption. Key signals to watch are the statutory audit, a disclosed recurring revenue figure and the 2027 implementation timetable.
Sources
- CoinDesk, Griffin raises $20M (12 November 2026)
- TechFundingNews, Griffin Series B
- Innovate Finance, Griffin company profile
- FStech, Bank of England softens stablecoin rules
- BIS, Annual Economic Report 2026
- Dealroom, Griffin raises $20M Series B
Cet article est publié à titre informatif et éducatif. Il ne constitue en aucun cas un conseil en investissement. Faites vos propres recherches (DYOR) avant toute décision.
