$20m · Series B · Fintech · London, UK
London-based Griffin, a licensed bank that supplies banking infrastructure to fintechs and digital platforms, has raised $20m in Series B funding. The round was led by Octagon Partners, with participation from Notion Capital, A+ Ventures, Nordic Ninja and Breega. Griffin plans to use the capital to add card issuing and stablecoin services to its platform, according to accountable reporting on the announcement.
Owning the bank underneath the API
Griffin sells regulated banking infrastructure to companies that want accounts, payments, onboarding and compliance inside their own products. Its embedded accounts can be opened through an API and used for customer funds, payment flows and automated reconciliation. Unlike a software layer that connects to a separate sponsor bank, Griffin operates the underlying licensed bank as well as the technology platform.
That structure can remove hand-offs between a fintech, its software provider and its regulated banking partner. For customers, fewer institutional boundaries can make product changes and issue resolution more direct. For Griffin, it creates a wider commercial surface: the same integration can support account fees, payment activity, compliance services and interest-bearing balances rather than a single point product.
The constraint is that every new rail also expands the operating burden. Cards add scheme, fraud and dispute workflows; stablecoin services add custody, reserve, liquidity and cross-border compliance questions. The value of the full-stack model will depend on whether Griffin can add those capabilities without making integrations slower or weakening the control expected from a bank.
From embedded accounts to multi-rail banking
Griffin says more than 80 companies use its platform, which has processed over £8.9bn in payments since launching in 2024 and supports more than 285,000 underlying customers transacting daily. Its current products include embedded bank and savings accounts, operational accounts, safeguarding and client-money accounts, payments and automated onboarding checks.
The Series B extends that proposition from account infrastructure toward a broader transaction stack. Card issuing would let customers add spending products without introducing another core provider. Stablecoin reserve and cross-border settlement services could connect regulated bank accounts with on-chain payment rails. The commercial test is not simply whether Griffin ships both products, but whether existing customers adopt more of the stack and new customers choose one regulated platform over a collection of specialist vendors.
Sources checked:
Tech.eu Funding Explorer · Griffin company profile · Griffin embedded accounts · CoinDesk reporting
