Griffin, the UK bank that lets fintechs and platforms embed accounts and payments into their own products, has raised a $20M Series B led by Octagon Partners.

The round values the London-based company at over $100M and will fund its expansion into card issuing and stablecoin services.

Notion Capital, A+ Ventures, Nordic Ninja, Breega, and other existing backers also participated. Griffin says the financing will carry it through to profitability, a milestone few of Europe's licensed challengers reached on venture money alone.

Founded in 2017 by David Jarvis and CircleCI co-founder Allen Rohner, Griffin spent years in the regulatory pipeline before the Prudential Regulation Authority and the Financial Conduct Authority granted it a full banking licence in March 2024. That approval made it one of the few UK banks built from scratch to serve other companies rather than consumers.

The model appears to be working. Griffin says more than 80 companies now build on its infrastructure, including Uber, Countingup, Anna Money, Yonder, and Prosper, up from an initial cohort of five testing its systems at launch.

The platform serves over 300,000 underlying retail and business customers and processes nearly 10 million payments per year, per company figures.

Recurring revenue grew 3.2 times year-on-year in the 12 months to September 2026, although Griffin notes the figure is based on unaudited accounts. Octagon's managing partner, Paraag Davé, said the bank will soon pass double-digit millions of pounds in annual recurring revenue.

“Cards and stablecoins are the natural next layer for our infrastructure,” Jarvis, Griffin's CEO, said in a statement.

The card push starts with branded retail and corporate debit cards that Griffin's customers can issue on its rails, with a credit card offering planned to follow shortly after.

On the stablecoin side, the bank is developing reserve capabilities for businesses operating in the market and integrating on-chain cross-border payments.

Both moves widen what Griffin calls its agentic banking platform from accounts, payments, and compliance tooling into a broader embedded finance stack.

The valuation is a reminder of how differently the market prices regulated banks and unregulated fintechs. Revolut, which waited years for its own UK licence, trades in secondary markets at more than a thousand times Griffin's price tag. G

Davé seems to agree. A dual PRA and FCA regime wrapped around proprietary technology is, he said, “the sort of defensible moat that neither traditional fintechs nor traditional banks can compete with.”