UK-based banking infrastructure fintech Griffin has raised $20 million in a Series B funding round, bringing its valuation to more than $100 million. The funding round was led by Octagon Partners, with participation from Notion Capital, A+ Ventures, Nordic Ninja, Breega and other existing investors.
Griffin is led by CEO David Jarvis, a former Airbnb executive. With this latest investment, the company has raised around $95 million in total funding.
Griffin provides banking-as-a-service (BaaS) solutions that allow fintech companies and other businesses to offer banking services to their customers without needing to obtain their own banking licence. The company holds a UK banking licence, allowing it to provide regulated banking services through its platform.
“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.” David Jarvis, CEO and co-founder, Griffin.
Paraag Davé from Octagon noted: “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.”
“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 is a UK-based fintech company that helps other businesses offer banking services to their customers. Its platform allows companies to provide services such as bank accounts, savings accounts and payments without having to build their own banking systems.
Businesses can connect Griffin’s banking technology to their existing apps and websites through APIs. This helps them launch financial products more easily and manage banking services for their customers.
