British online bank Griffin secured twenty million dollars in a Series B funding round spearheaded by Octagon Partners, pushing the enterprise valuation past the one hundred million dollar mark.
This fresh capital will fuel Griffin’s strategy to roll out card issuance and stablecoin solutions, as detailed in a Thursday press release.
Griffin intends to enable businesses to deliver customized consumer and enterprise debit cards via its infrastructure, with credit cards arriving later. The financial institution additionally aims to broaden its stablecoin backing services and introduce onchain international transactions.
Griffin noted that its financial system supports upwards of 300,000 individual and commercial clients via more than 80 organizations. Among them is Uber, which leverages Griffin to offer deposit accounts to UK-based drivers.
Griffin obtained its official UK banking authorization back in March 2024. The lender reported that its recurring income at the conclusion of its September fiscal year reached 3.2 times the previous year’s figure, referencing preliminary figures.
Paraag Davé, a managing partner at Octagon, mentioned he anticipates Griffin’s yearly recurring income to surpass 10 million British pounds shortly.
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Originally published at https://cointelegraph.com/news/digital-bank-griffin-100m-valuation-card-stablecoin?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound.
