UK banking infrastructure fintech Griffin raises $20M

UK fintech Griffin, specializing in banking infrastructure, has successfully secured $20 million in new funding, according to a statement released today. This brings the company's valuation to over $100 million. The $20 million Series B funding round was spearheaded by Octagon Partners, with additional investment from Notion Capital, A+ Ventures, Nordic Ninja, Breega, and other existing investors.

Griffin, led by CEO David Jarvis, a former Airbnb executive, has raised a total of approximately $95 million so far. Griffin operates as a banking-as-a-service provider, offering a UK banking license that enables fintechs and businesses to provide banking services to their customers without needing to obtain the requisite banking licenses themselves.

The company's technology facilitates the integration of bank accounts and payments into various apps and platforms, alongside offering services like KYC (Know Your Customer) and anti-money-laundering measures. Since launching as a licensed bank two years ago, Griffin has attracted over 80 companies to build on its infrastructure, including major player Uber.

The London-based fintech plans to utilize the funds to expand its range of banking services, including card issuance and stablecoin services. Additionally, the funding will help Griffin steer the UK fintech sector towards achieving full-year profitability. Griffin's CEO and co-founder, David Jarvis, expressed his excitement about the new funding, stating that it will enable Griffin to advance further with card and stablecoin services being the next logical steps in their infrastructure development.

Jarvis also highlighted the investors' confidence in Griffin's potential, attributing the round's success to the significant opportunities ahead.