UK-based digital bank Griffin has secured $20 million in a Series B funding round. The investment, led by Octagon Partners, brings the company's valuation to more than $100 million.
The capital will be used to expand the bank's service offerings, specifically targeting card issuance and stablecoin reserve management. Griffin intends to enable companies to issue branded retail and corporate debit cards, with credit card services planned for the future.
Griffin also aims to integrate onchain cross-border payment capabilities into its platform. The bank currently serves over 300,000 retail and business customers across more than 80 companies, including Uber, which utilizes the platform for UK driver accounts.
The bank obtained its UK banking license in March 2024. According to unaudited accounts, recurring revenue for the fiscal year ending in September was 3.2 times higher than the previous year. Octagon Partners anticipates annual recurring revenue will soon surpass £10 million.
