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Griffin raises $20m to add cards and stablecoin services

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Griffin raises $20m to add cards and stablecoin services

Griffin, a UK-licensed bank serving FinTech firms and platforms, has closed a $20m Series B round that pushes its valuation beyond $100m and will fund a move into card issuing and stablecoin services.

Octagon Partners led the investment, joined by existing backers including Notion Capital, A+ Ventures, Nordic Ninja and Breega.

Griffin plans to use the money to reach profitability and to drive its next growth stage, extending its agentic banking platform and giving businesses that build financial products access to a wider set of infrastructure.

The card issuing product will let Griffin’s customers roll out their own branded debit cards for both consumers and corporate users, combining cards with the accounts and payments that already sit on Griffin’s infrastructure. A credit card product is planned to follow soon after. On the stablecoin side, Griffin will build reserve capabilities for businesses active in the stablecoin market and add on-chain cross-border payments.

Griffin said the additions will turn its offering from core accounts, payments and compliance tooling into a far wider embedded finance stack. The company expects this to strengthen ties with current clients, open up more use cases and support its push towards sustainable profitability.

The company has expanded quickly since gaining its full UK banking licence two years ago. It began with a pilot group of five firms and now provides clearing and embedded, or white-label, banking to more than 80 businesses, among them Uber, Countingup, Anna Money, Yonder and Prosper. These clients collectively serve over 300,000 retail and business end customers, and Griffin handles close to 10 million payments annually.


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