Griffin raises $20M at a valuation above $100M to build stablecoin services

Griffin, a UK bank that builds banking plumbing for fintech companies, has raised $20 million in a Series B round. The deal values the company at more than $100 million.

Part of that money is headed somewhere most licensed banks still approach cautiously: stablecoins. Griffin plans to build reserve services for stablecoin businesses and onchain rails for cross-border payments.

The round and where the money goes

The round was announced on November 12, 2026, and Octagon Partners led it. Existing backers Notion Capital, A+ Ventures, Nordic Ninja and Breega also joined.

With this raise, Griffin’s total funding now approaches $95 million.

The capital has two main jobs. The first is card issuing, with Griffin planning branded debit and credit cards.

The second is the stablecoin push. That has two parts: reserve services for companies issuing or handling stablecoins, and onchain payment rails for moving money across borders.

The numbers behind the valuation

Griffin is not a pre-revenue moonshot. It already supports more than 80 companies, including Uber, and serves over 300,000 customers.

The bank processes nearly 10 million payments each year. Its recurring revenue grew 3.2x year-on-year as of September 2026.

Griffin received its full UK banking license in March 2024.

The company also plans to apply for a US banking license in 2027.

Why a bank wants in on stablecoins

Griffin’s move reflects a broader blurring between traditional banking and blockchain-based finance. Rather than competing with stablecoin companies, it wants to become the regulated partner that holds their money and moves their payments.

That positioning fits its existing business. Griffin already sells infrastructure to fintechs, so selling infrastructure to stablecoin firms is a natural adjacent step rather than a pivot.