# Griffin Raises $20M to Put Banking, Cards and Stablecoins on One Platform

> The UK bank serving fintechs and platforms including Uber and Yonder is expanding into card issuing, stablecoin reserves and onchain cross-border payments.

By Lidia Yadlos · November 12, 2026

Canonical: https://blockster.com/griffin-20-million-series-b-cards-stablecoins

A fintech offering accounts, cards and international payments can end up connecting several financial providers behind a single app. **Griffin wants to bring more of those services under one banking relationship—and stablecoins are part of the plan.**

The fully licensed UK bank announced a **$20 million Series B on November 12**, led by Octagon Partners, at a valuation above **$100 million**. Notion Capital, A+ Ventures, Nordic Ninja, Breega and other existing investors participated.

The funding will support card issuing and expanded stablecoin services, adding to Griffin’s existing accounts, payments and compliance infrastructure. In its [announcement](https://griffin.com/blog/series-b-announcement), the company says the financing is intended to take it through to profitability.

## A banking business with customers already in place

[Griffin](https://griffin.com/) supplies the regulated banking infrastructure that other companies use to offer financial products under their own brands.

Since receiving its full UK banking licence in 2024, it has grown from five companies testing its systems to more than 80 customers, including Uber, Countingup, Anna Money, Yonder and Prosper.

| Griffin’s business | Latest reported figure |
| --- | --- |
| Series B funding | $20 million |
| Company valuation | Above $100 million |
| Companies using its infrastructure | More than 80 |
| Underlying retail and business customers | More than 300,000 |
| Payments processed annually | Nearly 10 million |
| Recurring revenue | 3.2 times the previous year’s level |

The revenue figure covers the financial year ended September 2026 and comes from unaudited accounts. The customer and payment figures describe Griffin’s existing banking business; they do not measure adoption of the planned stablecoin services.

[Post from @griffinbank on X](https://twitter.com/griffinbank/status/2120818116444008920)

## What the money will build

The expansion has two main parts.

**Cards:** Griffin plans to let customers launch branded retail and corporate debit cards, bringing card issuing alongside their existing accounts and payments. A credit-card offering is planned to follow.

**Stablecoins:** The bank is developing reserve capabilities for businesses operating in the stablecoin market and integrating onchain cross-border payments.

That puts Griffin in the infrastructure behind digital money: supporting the banking side of stablecoin businesses and connecting blockchain payments with financial services companies already use.

The announcement does not specify supported tokens, blockchains, pricing or launch dates. It also does not announce a Griffin-issued stablecoin.

For an existing customer, the potential benefit is straightforward: more financial products available through the same banking partner. For Griffin, it creates opportunities to earn more business from companies already using its platform.

> “This round lets us go further: cards and stablecoins are the natural next layer for our infrastructure, and the response from investors so far reflects the scale of the opportunity ahead of us.”
>
> — David Jarvis, CEO and co-founder, Griffin

## Where Griffin fits in the stablecoin banking shift

Griffin’s plans sit alongside a broader push to make stablecoins usable within ordinary banking and payment operations.

As [Blockster recently reported, PNC’s pilot with Coinbase](https://blockster.com/coinbase-federal-trust-charter-pnc-usdc-payments) lets eligible business clients receive USDC on Ethereum, with the tokens automatically converted into dollars deposited in their PNC accounts. That addresses a practical question for businesses: how to accept a stablecoin payment while continuing to manage cash through their bank.

[Visa’s expansion onto Monad](https://blockster.com/visa-monad-stablecoin-settlement-banking-hours) addresses another stage: participating card issuers and acquirers settling their Visa obligations in stablecoins. It concerns money moving between financial institutions behind card payments.

[Post from @monad on X](https://twitter.com/monad/status/2120162208974028949)

Griffin’s proposed offering would combine a broader set of capabilities under a UK bank: accounts, payments, cards, reserve services and onchain cross-border transfers. Its existing relationships give it a potential distribution channel, although the new services still need to launch and attract usage.

## Banking for software—and a possible US expansion

Griffin describes its offering as an “agentic banking platform.” There is an existing technical basis for that positioning: in an [April strategy post](https://griffin.com/blog/the-bank-the-world-needs-next), Jarvis described a connection that allows AI agents to interact with Griffin’s banking APIs to manage accounts and move money.

He also said Griffin already worked with businesses using stablecoins for cross-border payments and remittances. The new funding therefore builds on an established direction.

The ambitions extend beyond Britain. **[The Times reports that Griffin is preparing to apply for a US banking licence in 2027](https://www.thetimes.com/business/companies-markets/article/digital-bank-griffin-raises-15m-to-fund-us-push-and-stablecoins-mg32zj2p9)**, with Jarvis targeting profitability in the first quarter of 2028. Both remain future milestones.

For investors, the next measure of progress is whether Griffin can turn its existing customer relationships into adoption of the expanded offering. It has a banking licence, a growing client base and fresh capital. Cards and stablecoins are the next test of how much business that foundation can support.