• Griffin has raised $20 million in a Series B round led by Octagon Partners, bringing its valuation to over $100 million.
  • The UK bank is set to add card issuing and stablecoin services to its platform.
  • Recurring revenue was up 3.2x year on year through September 2026.

Griffin, a London-based bank established in 2017, offers bank accounts alongside Uber’s Pro Card for UK drivers and couriers. The company just closed a $20 million Series B funding round led by Octagon Partners, taking it to a valuation of over $100 million.

Notion Capital, A+ Ventures, Nordic Ninja, Breega, and other existing investors participated in the round. Griffin didn’t say whether the valuation is pre- or post-money or when they expect to be profitable, but did say the funds will help them get there.

The prior round was a $24 million raise in March 2024, led by MassMutual Ventures, Nordic Ninja, and Breega, which coincided with Griffin receiving its full banking licence.

Growth from 5 test customers to over 80 clients

Griffin was founded in 2022 by David Jarvis, a former Airbnb employee, and Allen Rohner, co-founder of CircleC. The company launched as a fully licensed bank in 2024 with five companies initially on the books testing out the system. It now underpins over 80 companies, including Uber, Countingup, Anna Money, Yonder and Prosper.

It had over 50 platform customers in December 2025. The company serves over 300,000 retail and business customers and processes around 10 million payments a year. Recurring revenue grew 3.2x YoY through Sep 2026, based on unaudited accounts, which may change following Griffin’s statutory audit.

“Since launching as a bank two years ago, we’ve built the infrastructure that over 80 companies now rely on to bring banking products to their customers. 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. We’re delighted to have Octagon leading this round alongside our existing investors,” said Jarvis, Griffin’s CEO and co-founder.

Expansion into cards and stablecoins

Card issuing will enable the launch of branded retail and corporate debit cards. A credit card product is due next. Griffin’s January outlook was very positive, with customer demand for cards, foreign exchange, credit, and custody to follow.

Regarding stablecoins, Griffin is developing reserve capabilities for businesses and on-chain cross-border payment solutions. The FCA published final stablecoin issuance rules in June 2026, with the broader regime effective from October 2027.

Paraag Davé, managing partner at Octagon Partners, said: “Griffin has grown rapidly from its launch in 2024 to powering over 80 fintechs and platforms who trust Griffin to move fast without compromising on compliance and will shortly clear double digit £m in annual recurring revenue. The growth over the past two years since getting the full banking licence, both in customers and in revenue, speaks for itself.”

He added: “Griffin’s combination of proprietary technology and AI provides a scaffolding for embedded banking under a dual PRA/FCA regulatory regime that represents the sort of defensible moat that neither traditional fintechs nor traditional banks can compete with.”

Griffin has not shared its current recurring revenue figure. ClearBank, which raised $230M from Apax in 2022, also holds a UK banking licence, so Griffin does not have this advantage alone.

The main question is whether having a licence, which ClearBank also has, will still set Griffin apart once it starts offering cards.