BaaS bank Griffin raises £20m to add cards and stablecoin capabilities
UK Banking-as-a-Service bank Griffin has raised £20 million in a Series B funding round that values the business at over £100 million.
UK-based digital bank Griffin secured $20 million in Series B funding, valuing the company at over $100 million, according to a press release. The financing round was led by Octagon Partners and will support Griffin's expansion into stablecoin reserve services, onchain cross-border payments, and card issuance. Griffin's platform currently serves more than 300,000 retail and business customers through more than 80 companies, including Uber, which relies on Griffin to provide banking services to UK drivers.
Griffin obtained its UK banking license in March 2024, and its recurring revenue reached 3.2 times the prior year level in its September fiscal year-end, based on unaudited accounts. Octagon Partners' managing partner, Paraag Davé, anticipates Griffin's annual recurring revenue will surpass £10 million soon.
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