Uber’s UK banking partner Griffin raises $20M for stablecoin services

UK-based digital bank Griffin raised $20 million in a Series B round led by Octagon Partners, valuing the company at over $100 million.

The funding will support Griffin’s plans to expand into card issuance and stablecoin services, according to a Thursday press release.

Griffin plans to let companies offer branded retail and corporate debit cards through its platform, with credit cards to follow. The bank also plans to expand its stablecoin reserve services and add onchain cross-border payments.

Griffin’s said its banking platform serves more than 300,000 retail and business customers through more than 80 companies. They include Uber, which uses Griffin to provide bank accounts to UK drivers.

Griffin received its UK banking license in March 2024. The bank said recurring revenue at its September fiscal year-end was 3.2 times the prior year’s level, based on unaudited accounts.

Paraag Davé, managing partner at Octagon, said he expects Griffin’s annual recurring revenue to exceed 10 million British pounds soon.