The fully licensed British bank plans to combine traditional banking services with card issuing and blockchain-based payment capabilities.
Griffin has raised $20 million in a Series B led by Octagon Partners, reaching a valuation above $100 million.
Notion Capital, A+ Ventures, Nordic Ninja and Breega also participated.
Founded by David Jarvis and Allen Rohner, Griffin provides regulated banking infrastructure that allows fintech companies and software platforms to integrate financial products into their applications.
The London-based company received its full UK banking licence in March 2024.
Building Financial Products Without Becoming a Bank
Launching financial products requires access to bank accounts, payment systems, regulatory controls and financial infrastructure.
Fintech companies often depend on several external providers to assemble those capabilities.
Griffin offers banking APIs and operational infrastructure designed to reduce that complexity.
More than 80 fintechs and platforms now build on the company's services, according to Griffin.
Its customers include Uber and rewards card platform Yonder.
Expanding Into Cards and Stablecoins
The new financing will support two major additions.
First, Griffin plans to offer card issuing, allowing customers to launch branded debit cards through its banking infrastructure.
The company intends to follow with credit card capabilities.
Second, Griffin is developing services for businesses operating with stablecoins.
These include reserve-related banking capabilities and integrations with blockchain-based cross-border payment systems.
The goal is to allow fintech companies to access traditional accounts and newer payment rails through one regulated provider.
The Economics of Banking Infrastructure
Griffin reports that it expects to surpass £10 million in annual recurring revenue, based on management statements accompanying the financing.
That figure should not be confused with audited annual results.
The company plans to use its latest funding to support growth and move toward profitability.
Its potential competitive advantage comes from combining proprietary software with a full banking licence.
However, stablecoin and payment expansion introduces additional regulatory, operational and financial risks.
Griffin is betting that fintech companies will increasingly demand infrastructure capable of connecting conventional banking and programmable digital payments.
Sources: Griffin; CoinDesk (12 November).