Griffin Banks $20M Series B to Launch Stablecoin Infrastructure, Partners with Uber in UK
Griffin's Series B funding round pushed the company's valuation beyond $100 million, with proceeds earmarked for developing stablecoin reserve infrastructure and onchain cross-border payment solutions.
Digital banking platform Griffin, based in the United Kingdom, successfully secured $20 million through a Series B funding round spearheaded by Octagon Partners, pushing the company's valuation to more than $100 million.
According to a press release issued on Thursday, the capital injection will be directed toward Griffin's strategic expansion into card issuance capabilities and stablecoin service offerings.
The digital bank's roadmap includes enabling businesses to provide both branded retail and corporate debit card products via its banking platform, with plans to introduce credit card offerings in subsequent phases. Additionally, Griffin intends to broaden its stablecoin reserve service capabilities and introduce onchain cross-border payment functionality.
According to Griffin's statement, its banking platform infrastructure currently supports over 300,000 individual retail and business account holders across a network of more than 80 partner companies. Among these partners is ride-hailing giant Uber, which leverages Griffin's platform to deliver banking account services to its driver network throughout the United Kingdom.
Griffin obtained its United Kingdom banking license in March 2024. According to the bank's statement, recurring revenue figures at the conclusion of its September fiscal year reached 3.2 times the level recorded in the previous year, based on financial accounts that have not yet been audited.
Octagon's managing partner, Paraag Davé, expressed his expectation that Griffin's annual recurring revenue will surpass 10 million British pounds in the near future.