Griffin, the London bank that provides the accounts behind Uber's UK driver card, has raised a Series B led by Octagon Partners, reported at $20M at a valuation above $100M.
Griffin announced the round on its blog on 12 November. It will use the money to add card issuing and stablecoin payments to its embedded banking platform.
Notion Capital, A+ Ventures, Nordic Ninja, Breega and other existing investors also took part.
What does Griffin do?
Griffin is a fully licensed UK bank built for other companies to plug into. Fintechs and platforms use its APIs to open accounts, hold client money and move payments without becoming a bank themselves.
It was co-founded by chief executive David Jarvis, who previously worked at Airbnb, and Allen Rohner. Griffin left mobilisation and launched as a fully operational bank in 2024, backed by a $24M round led by MassMutual Ventures, Nordic Ninja and Breega.
The bank is authorised by the Prudential Regulation Authority and regulated by both the PRA and the Financial Conduct Authority, according to its published company facts.
Who uses Griffin?
More than 80 companies build on Griffin, including Uber, Countingup, Anna Money, Yonder and Prosper. Uber uses it to provide bank accounts alongside its Pro Card for UK drivers and couriers.
Griffin says it now serves more than 300,000 retail and business customers through those platforms and handles around 10 million payments a year.
Recurring revenue grew 3.2 times in the year to September 2026. The company described that figure as unaudited.
What will the Series B pay for?
The first new product is card issuing. Griffin plans branded debit cards for retail and corporate clients first, then a credit card.
It is also building stablecoin reserve services for businesses and on-chain cross-border payments. Jarvis said cards and stablecoins are the natural next layer on top of Griffin's infrastructure.
Griffin says the round will help it reach profitability, but it has not given a date.
Paraag Davé, managing partner at Octagon, pointed to Griffin's own technology and use of AI as the base for embedded banking. He also said Griffin will shortly pass double-digit millions of pounds in annual recurring revenue.
Why does a small round matter here?
$20M is modest for a bank. But Griffin already holds the expensive part, a full UK licence under the dual PRA and FCA regime, which takes years and heavy capital to secure.
That makes each new product a feature rather than a new regulatory project. Any fintech built on Griffin could, in principle, switch on cards or stablecoin accounts without its own licence.
What this means for UK founders
For founders building in UK fintech, banking-as-a-service from a licensed bank removes one of the hardest early blockers. Griffin's client list shows that model can now carry a household name like Uber.
The stablecoin push also matters. The FCA has published its final stablecoin rules, and UK founders who want to offer stablecoin payments will need a regulated partner to hold reserves.
Griffin's round adds to a busy month for London startup funding. It follows Intuit's acquisition of London fintech Sequence in October, another sign that UK financial infrastructure is attracting serious money.