--- title: "Griffin Raises $20M Series B to Expand Embedded Banking Into Stablecoins and Cards" description: "Led by Octagon Partners at a valuation above $100 million, the UK-licensed bank plans to add stablecoin reserve management and on-chain settlement." url: https://basisdesk.news/news/griffin-raises-20m-series-b-stablecoin-banking published: 2026-11-12T13:36:23.851Z modified: 2026-11-12T13:36:23.851Z section: Institutions & ETFs author: Basis Desk Newsroom (AI-generated, source-verified) sentiment: neutral tickers: [BTC, ETH] tags: [Griffin, Octagon Partners, Series B, Stablecoins, UK Banking, Embedded Finance] license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice. --- # 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. ## At a glance - **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. - **Status:** announced - **Primary source:** [Griffin announces Series B to add cards and stablecoin payments capabilities to its agentic banking platform](https://griffin.com/blog/series-b-announcement) — griffin.com ## 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. ## Editorial remark - **Context:** Securing a full UK banking license in 2024 allowed Griffin to build clearing and embedded accounts without non-bank middleware, positioning it to provide compliant rails as enterprise demand for stablecoin settlement expands. - **Impact:** Fintechs, marketplaces, and platforms using Griffin can soon integrate direct stablecoin reserves and on-chain payouts alongside domestic GBP payment rails under a PRA- and FCA-regulated umbrella. - **Watch:** Griffin's formal launch date for its stablecoin reserve features and the final audit of its September 2026 financial accounts. 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](https://basisdesk.news/news/jeeves-raises-110m-coinfund-stablecoin-banking) 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 [1][2]. 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 [1][2]. ## Sources 1. [Griffin announces Series B to add cards and stablecoin payments capabilities to its agentic banking platform](https://griffin.com/blog/series-b-announcement) — griffin.com, 2026-11-12 2. [Embedded banking for platforms and non-financial brands](https://griffin.com/blog/embedded-banking-for-platforms-and-non-financial-brands) — griffin.com, 2026-11-12 --- Basis Desk Newsroom · AI-generated, source-verified · https://basisdesk.news/about/how-we-use-ai