London banking-as-a-service lender Griffin has raised $20m (about £15m) in a Series B led by Octagon Partners, at a valuation the company puts above $100m (about £75m). The round takes total funding to about $95m.
Griffin is a fully licensed UK bank built to serve fintechs and software platforms. Its customers use its infrastructure to put bank accounts and payments inside their own apps. Griffin also provides compliance services, including know-your-customer (KYC) and anti-money-laundering checks.
The company got its full banking licence in 2024 and is regulated by both the PRA and the FCA. Its chief executive and co-founder is David Jarvis, a former Airbnb executive.
The round
Octagon Partners led the Series B. Existing investors Notion Capital, A+ Ventures, Nordic Ninja and Breega also took part, along with other existing backers.
Griffin says the round values it at more than $100m. The exact post-money figure was not disclosed.
The cap-table arithmetic
The headline valuation is only slightly above the roughly $95m Griffin has raised since launch. That leaves little paper gain on the capital invested so far, which is common for regulated banking start-ups that spend heavily before their licence lets them earn revenue.
The $20m raise equals up to about 20% of a $100m valuation. Because the valuation is described as "more than" $100m, dilution for existing shareholders is likely to be somewhat lower. Griffin did not disclose ownership changes.
Traction
More than 80 companies build on Griffin's platform, including Uber, Yonder and Countingup. Between them they serve more than 300,000 end customers.
The bank handles nearly 10 million payments a year. Griffin says recurring revenue grew 3.2 times year on year.
Paraag Davé of Octagon said annual recurring revenue would "shortly clear double digit millions". That is a forecast, not a reported figure. Griffin did not disclose current revenue.
Use of funds
The money will pay for two new product lines: card issuing and stablecoin services. The stablecoin work covers infrastructure for holding stablecoin reserves and for on-chain cross-border payments.
The company also says the round should carry it to a full year of profit. It did not give a date for reaching that point.
What's next
Card issuing would let Griffin's platform customers launch branded debit products without a separate issuing partner. Stablecoin reserves would place a regulated UK bank inside the market's custody and settlement chain, at a time when UK rules for stablecoins are still being written.
Jarvis said cards and stablecoins were the logical next step for the company's infrastructure.
Original source: Tech.eu: https://tech.eu/2026/11/12/uk-banking-infrastructure-fintech-griffin-raises-20m (additional reporting: BusinessCloud, https://businesscloud.co.uk/news/griffin-valued-at-more-than-75m-as-it-raises-another-15m/)
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