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Institutions & ETFs · 2 min read

Griffin Raises $20M Series B to Expand Embedded Banking Into Stablecoins and Cards

Led by Octagon Partners at a valuation above $100 million, the UK-licensed bank plans to add stablecoin reserve management and on-chain settlement.

Editorial oversight: Julian Mercer, Chief Editor
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$BTC $72,560 −1.5% $ETH $2,012 −1.8%

At a glance Announced

What happened
UK bank Griffin raised $20 million in a Series B round led by Octagon Partners at a valuation exceeding $100 million on Nov. 12, 2026.
Why it matters
The funding allows a fully licensed UK bank to build native stablecoin reserve infrastructure and on-chain settlement rails directly into its embedded banking stack.
Who is affected
UK fintechs, non-financial brands using embedded banking, and stablecoin platforms seeking regulated domestic bank partnerships.
What's next
Rollout of Griffin's card issuing and stablecoin reserve management products, followed by planned credit card support.
Primary source
griffin.com: Griffin announces Series B to add cards and stablecoin payments capabilities to its agentic banking platform

Key points

  • Griffin raised a $20 million Series B led by Octagon Partners, valuing the UK bank at over $100 million.
  • The new capital will fund stablecoin reserve operations, on-chain cross-border payment features, and debit card issuing.
  • Griffin powers more than 80 companies, including Uber, and experienced 3.2X recurring revenue growth in the year ended September 2026.

Licensed UK bank Griffin has raised a $20 million Series B funding round to add card issuing and stablecoin settlement capabilities to its embedded banking platform, the company announced on Nov. 12, 2026 1.

The financing was led by Octagon Partners, with participation from Notion Capital, A+ Ventures, Nordic Ninja, Breega, and existing investors 1. The investment pushes Griffin's valuation past $100 million and provides sufficient capital to guide the business through to profitability 1. The platform operates under dual regulation by the UK Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) 1.

Griffin plans to deploy the proceeds into developing reserve capabilities for companies operating in the stablecoin sector, alongside integrated on-chain cross-border payment pipelines 1. The firm will also launch branded retail and corporate debit cards, followed by credit cards 1. The expansion mirrors a broader sector shift toward integrating tokenized cash with traditional rails, similar to moves seen when Jeeves secured a $110 million equity round to build out stablecoin enterprise banking infrastructure.

Growth Under Dual Banking Supervision

Since obtaining its full UK banking license two years ago, Griffin has expanded its client base from five pilot participants to more than 80 platforms, including Uber, Countingup, Anna Money, Yonder, and Prosper 1. The bank serves over 300,000 underlying corporate and retail accounts and processes nearly 10 million transactions annually across UK payment networks such as Faster Payments, BACS, and CHAPS 12.

For the fiscal year ended September 2026, Griffin reported a 3.2-fold year-on-year increase in recurring revenue based on unaudited financial statements 1. Lead investor Octagon Partners noted that the firm is approaching double-digit millions of pounds in annual recurring revenue 1. At the time of writing, broader digital asset markets remain subdued, with $BTC trading around $72,567 and $ETH at $2,010.

Griffin's co-founder and chief executive, David Jarvis, stated that card issuing and stablecoin infrastructure represent the subsequent operational layer for the bank's embedded finance stack 1. By offering regulated reserve holding and on-chain payouts without third-party middleware, Griffin seeks to capture settlement flows from fintechs navigating compliance under the UK's financial regulatory framework 12.

Sources

  1. [1] Griffin announces Series B to add cards and stablecoin payments capabilities to its agentic banking platform — griffin.com, November 12, 2026
  2. [2] Embedded banking for platforms and non-financial brands — griffin.com, November 12, 2026

Written by Basis Desk's newsroom system from the primary sources above and machine-verified against them before publication. Market figures marked "at the time of writing" come from live exchange data. Report an error: corrections@basisdesk.news · corrections policy.

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