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LONDON, United Kingdom, November 13, 2026, UK-based digital bank Griffin has raised $20 million in a Series B funding round as it prepares to expand its embedded banking platform into card issuing and stablecoin services. The investment, led by Octagon Partners, will support the company’s next phase of growth and its efforts to provide a broader range of financial infrastructure to fintech businesses and digital platforms.
Griffin announced the funding on November 12, stating that the round values the company at more than $100 million. Existing investors, including Notion Capital, A+ Ventures, Nordic Ninja and Breega, also participated. The company said the investment is intended to support its expansion and progress towards profitability.
Funding Supports Expansion Beyond Embedded Banking
Griffin provides banking infrastructure that allows other companies to offer financial products under their own brands. Rather than building and maintaining a complete banking operation independently, fintech businesses can use Griffin’s platform for accounts, payments and compliance-related services.
The company said its infrastructure now supports more than 80 businesses, including Uber, Countingup, Anna Money, Yonder and Prosper. It also reported that the platform serves more than 300,000 underlying retail and business customers and processes nearly 10 million payments annually.
This customer base reflects the growing role of banking infrastructure providers in the financial technology sector. Companies seeking to launch payment accounts or other financial services can use specialist providers to reduce the operational complexity associated with building regulated banking capabilities.
Card Issuing and Stablecoins Form the Next Growth Areas
The new funding will help Griffin develop branded debit card services for retail and corporate customers. This would allow businesses using the platform to bring accounts, payments and card functionality together within a single banking infrastructure.
The company also plans to expand its stablecoin-related services. Its roadmap includes reserve capabilities for businesses operating in the stablecoin market and the development of on-chain cross-border payment functionality.
These initiatives reflect wider changes in financial services, where traditional banking infrastructure is increasingly being combined with digital assets and programmable payment systems. However, stablecoin services involve regulatory, operational and reserve management requirements that financial institutions must address before expanding their use.
Growth Figures Highlight Commercial Momentum
Griffin reported recurring revenue growth of 3.2 times year on year as of its September 2026 financial year-end. The company said the figures were based on unaudited financial accounts and remain subject to change following completion of its statutory audit.
The funding is expected to help Griffin build on its existing customer relationships while developing additional revenue streams. Expanding from accounts and payments into cards and stablecoin infrastructure could increase the range of services available to businesses already using its platform.
Competition in Financial Infrastructure Continues
The embedded finance market includes banks, payment companies and technology providers competing to supply the infrastructure behind digital financial products. Griffin’s challenge will be to expand its offering while maintaining regulatory compliance, reliable payment operations and sustainable economics.
The latest investment gives the company additional resources to pursue that strategy. Its progress will depend on customer adoption, the successful rollout of new services and its ability to manage growth while moving towards profitability.
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