Griffin Secures $20M Series B to Scale Agentic Banking and Stablecoin Infrastructure

Griffin has secured $20 million in Series B funding to scale its UK banking-as-a-service platform toward profitability. This investment, valuing the firm at over $100 million, signals a significant expansion into card issuing and stablecoin infrastructure, providing fintechs with a regulated alternative to traditional clearing banks and unbundling complex financial services for over 80 platforms.

What was announced

Griffin’s $20 million Series B round was led by Octagon Partners, with participation from existing backers including Notion Capital, Ada Ventures, Nordic Ninja, and Breega. The funding follows a period of rapid scaling since the firm obtained its full UK banking license two years ago. Griffin currently powers more than 80 companies, including high-profile names such as Uber, Anna Money, Countingup, Yonder, and Prosper. The platform serves over 300,000 retail and business end-users and processes approximately 10 million payments annually.

The capital injection is earmarked for two primary product expansions. First, Griffin will launch card issuing services, allowing its clients to offer branded retail and corporate debit cards. Second, it will develop stablecoin services, including reserve capabilities and integrated on-chain cross-border payment features. These moves aim to broaden the infrastructure available to businesses building complex financial products. Financially, the company reported 3.2X year-on-year recurring revenue growth as of September 2026 and expects to reach double-digit millions in annual recurring revenue shortly. This trajectory earned the firm a spot on the Sifted 250 and admission into Tech Nation’s Future Fifty 2026 cohort.

"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. 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."

David Jarvis, CEO and co-founder, Griffin

The companies involved

Griffin is a UK-based bank for fintechs that operates as a fully licensed clearing and embedded banking platform. Unlike many banking-as-a-service providers that rely on third-party licenses, Griffin holds its own dual authorization from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). This regulatory status allows it to offer white-labelled banking services directly to platforms. The company has been a frequent subject of industry interest, with 29 previous reports in FF News documenting its journey from a startup to a licensed bank.

The funding round includes several prominent fintech investors. Notion Capital and Breega have significant footprints in the European venture space, with 11 and 9 prior mentions in FF News respectively. Ada Ventures and Nordic Ninja also return as investors, reinforcing the firm's existing cap table. Octagon Partners, which led this round, joins a group of backers supporting Griffin’s agentic banking model, which seeks to combine proprietary technology with AI-driven compliance scaffolding to differentiate itself from both legacy banks and first-generation fintech providers.

What FF News has reported before

Griffin’s momentum has been steady throughout late 2026. FF News recently reported that Griffin Appoints Banking Veteran David Jenkins as Chief Financial Officer, a strategic hire aimed at steering the firm through its next phase of financial maturity. The broader market for digital assets and infrastructure has also been active; we covered how OpenTrade Appoints Former Swift CEO Lazaro Campos as Chairman to Scale Stablecoin Infrastructure, highlighting the growing institutional interest in the stablecoin capabilities Griffin is now building. Additionally, the trend of embedding financial layers into non-financial workflows was seen when Paddle Launches AI Toolkit to Embed Global Billing Directly into Developer Workflows, mirroring Griffin’s mission to provide the scaffolding for embedded finance.

What this means

This Series B round signals a shift in the UK banking-as-a-service (BaaS) landscape, moving away from simple ledger services toward full-stack, regulated infrastructure. By integrating stablecoin services and card issuing, Griffin is directly challenging the dominance of legacy clearing banks that have historically been hesitant to support crypto-adjacent or high-velocity fintech models. The industry is now under pressure to prove that agentic banking—combining AI with a full license—can maintain compliance at scale. The move into stablecoins is particularly bold, raising questions about how UK regulators will view on-chain cross-border payments within a traditional banking framework.