Griffin, a UK-based bank for FinTechs, has secured $20 million in Series B funding, valuing the startup at $100 million. The funding round, announced on Wednesday (Nov. 11), will support Griffin’s expansion into card issuing and stablecoin services. According to Griffin Co-Founder and CEO David Jarvis, the investment will enable the company to offer branded retail and corporate debit cards, with plans for a credit card offering. Additionally, Griffin is developing reserve capabilities to support businesses in the stablecoin market and adding on-chain cross-border payments capabilities.
The company’s banking platform, launched in 2024, already powers over 80 companies, including Uber, Countingup, Anna Money, Yonder, and Prosper. The new funding aims to extend Griffin’s proposition from core banking services to a broader embedded finance stack, deepening relationships with existing customers and widening the range of use cases it can support.
The cryptocurrency industry’s focus on stablecoins for faster settlement has overshadowed the potential for stablecoins to reduce the amount of cash businesses need to keep on hand. A PYMNTS Intelligence report from March found that most middle-market companies remain cautious about digital assets, with only 13% using stablecoins and 5% using other cryptocurrencies. The report suggested that the competitive advantage may lie with companies that control corporate relationships, conversion processes, and access to usable liquidity.