CoinDesk
London-based bank Griffin has raised $20 million in a Series B round to develop stablecoin reserve services and blockchain-based cross-border payments. Octagon Partners led the round, which valued Griffin at more than $100 million.
Notion Capital, A+ Ventures, Nordic Ninja and Breega also participated. Griffin received a full UK banking licence in 2024 and provides banking infrastructure to more than 80 companies, including Uber and rewards card platform Yonder.
Why it matters
Griffin plans to offer fintech companies access to conventional banking services and onchain payment rails through a single provider. The bank said the expansion reflects demand from some existing customers that already use stablecoins in their cross-border payments businesses.
The funding will support reserve services for businesses incorporating stablecoins, alongside onchain cross-border payments on Griffin's banking platform. That puts a UK-licensed bank behind a planned link between traditional financial infrastructure and blockchain-based transfers.
Market impact
The investment gives Griffin fresh capital to build services for fintech customers using stablecoins. Its more than 80 existing business customers provide a base for the planned expansion, although the announcement does not identify which customers will use the new services.
Frequently asked questions
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What valuation did Griffin secure in its Series B?
The $20 million funding round valued Griffin at more than $100 million.
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Who backed Griffin's funding round?
Octagon Partners led the round. Notion Capital, A+ Ventures, Nordic Ninja and Breega also participated.
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What services does Griffin plan to offer fintech companies?
Griffin plans to develop stablecoin reserve services and onchain cross-border payments alongside conventional banking services.
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When did Griffin receive its UK banking licence?
Griffin received a full UK banking licence in 2024.
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Which companies use Griffin's banking infrastructure?
Griffin provides banking infrastructure to more than 80 companies, including Uber and rewards card platform Yonder.
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