Griffin raises $20 million to build stablecoin payment services

UK bank Griffin raised $20 million on Nov. 12 to build stablecoin services and add on-chain cross-border payments to its banking platform. The Series B, led by Octagon Partners, values the company at more than $100 million, according to Griffin’s funding announcement.

Notion Capital, A+ Ventures, Nordic Ninja, Breega and other existing investors also took part. Griffin says the money will support its next growth phase and help fund the company through to profitability, while it expands into card issuing as well as stablecoins.

What stablecoin services is Griffin building?

Griffin plans to develop reserve capabilities for businesses in the stablecoin market and add on-chain cross-border payments to its platform. Reserves are assets held to back a stablecoin’s value; Griffin has not said it will issue a stablecoin itself.

The plan could let fintech companies use conventional banking services and blockchain payment rails through one provider. CoinDesk reported that some of Griffin’s existing customers already use stablecoins in cross-border payment businesses, though Griffin did not name them or describe the payment flows.

For businesses, the proposed services would sit alongside Griffin’s bank accounts, payments and compliance infrastructure. Griffin has not disclosed which stablecoins or blockchains it will support, when the services will launch, or what they will cost.

Who could use the expanded platform?

Griffin provides banking infrastructure to more than 80 companies, including Uber, Countingup, Anna Money, Yonder and Prosper, the company said. Its platform serves more than 300,000 underlying retail and business customers and processes nearly 10 million payments a year.

That existing base gives Griffin a route to offer stablecoin-related services to fintechs already using its banking tools. But companies will need to work through Griffin’s platform to access them; the announcement does not describe a direct consumer product or a self-serve sign-up process.

The raise also funds card issuing, which would let customers launch branded debit cards through Griffin and bring cards, accounts and payments together on its infrastructure. Griffin says it plans to follow with a credit card offering, but gave no launch date for either card product.

What details should businesses watch for next?

The next practical signal will be when Griffin specifies supported assets and networks, reserve arrangements, payment routes and fees. The announcement sets out the capabilities it intends to build, but does not provide product terms or a timetable.

Griffin says it grew recurring revenue 3.2 times year on year as of its September 2026 financial year end; those figures are based on unaudited accounts and may change after its statutory audit. For now, the next milestone is a product or rollout update showing how the planned stablecoin services will work for customers.

Source material

• Griffin’s funding announcement — griffin.com