Griffin, a London-based bank enabling fintechs and platforms to embed accounts and payment capabilities into their own services, has secured $20M in Series B funding. Octagon Partners led the investment round, which values the company at over $100M, just two years after Griffin completed its regulatory journey and exited the mobilisation phase.
The capital injection will support Griffin's push into card issuing and stablecoin services. Existing investors including Notion Capital, A+ Ventures, Nordic Ninja, and Breega also participated in the round. According to Griffin, the financing will sustain operations until the company reaches profitability—a goal that has eluded most of Europe's licensed challenger banks relying solely on venture funding.
Griffin was established in 2017 by David Jarvis and Allen Rohner, co-founder of CircleCI. The company navigated regulatory approval for years before the Prudential Regulation Authority and Financial Conduct Authority awarded it a full banking licence in March 2024. This designation positioned Griffin among the rare UK banks created specifically to serve other businesses rather than individual consumers.
The embedded banking model is gaining traction. Griffin now counts more than 80 companies building on its infrastructure, a significant jump from the initial five participants at launch. Notable clients include Uber, Countingup, Anna Money, Yonder, and Prosper. The platform supports over 300,000 underlying retail and business customers and processes nearly 10 million payments annually.
Financial metrics demonstrate strong momentum. Recurring revenue expanded 3.2 times year-on-year during the 12 months ending September 2026, though Griffin notes this figure derives from unaudited accounts. Octagon's managing partner Paraag Davé indicated the bank will soon surpass double-digit millions of pounds in annual recurring revenue.
Cards and stablecoins are the natural next layer for our infrastructure
David Jarvis, Griffin CEO
Griffin's card strategy begins with branded debit cards—both retail and corporate variants—that customers can issue through Griffin's infrastructure, with credit card offerings expected to follow shortly. On the stablecoin front, the bank is building reserve capabilities for businesses active in that sector and incorporating on-chain cross-border payment functionality.
These expansions represent Griffin's evolution from a core embedded banking platform offering accounts, payments, and compliance tools into a more comprehensive embedded finance ecosystem. The company frames this progression as an agentic banking platform.
The valuation underscores a stark market distinction between regulated banks and unregulated fintechs. Revolut, which pursued its own UK licence after considerable delays, commands valuations in secondary markets exceeding Griffin's by more than a thousand times. Davé attributed this regulatory advantage to the competitive moat created by dual PRA and FCA oversight combined with proprietary technology—a position he suggested neither traditional fintechs nor conventional banks can easily replicate.
Source: The Next Web
