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UK bank Griffin raises $20m to add stablecoin payments

Why it matters

A fully licensed UK bank is building stablecoin services for the fintechs it serves. That points to banks, not just crypto firms, holding the money behind stablecoins and moving it across borders.

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The short version

Griffin, a London bank that runs accounts and payments for more than 80 companies such as Uber, said on 12 November it had raised $20 million from investors. It will use the money to launch debit cards and services for digital tokens designed to always be worth a set amount of ordinary money, including sending money abroad.

Here's what happened. Griffin said on Thursday it had raised $20m in a funding round led by Octagon Partners, with Notion Capital, A+ Ventures, Nordic Ninja and Breega also taking part. The deal values the bank at over $100m, Griffin said.

Griffin got a full UK banking licence in 2024, according to CoinDesk. It sells banking as a service: other companies build their apps on top of its accounts and payments. It says it works with more than 80 companies, including Uber, Anna Money and Yonder, which serve over 300,000 customers between them.

So what's new? Griffin plans to offer services for holding the reserves behind stablecoins, the digital tokens pegged to a currency, plus cross-border payments that run on a blockchain. It also plans branded debit cards, with a credit card to follow.

Chief executive David Jarvis said cards and stablecoins were the natural next layer for its infrastructure.

Put it in context. Griffin also said its recurring revenue grew 3.2 times in the year to September, though those accounts are not yet audited.

Where this comes from

  1. Griffin announces Series B to add cards and stablecoin payments capabilities to its agentic banking platform · Griffin
  2. UK bank Griffin raises $20 million to expand into stablecoin payments · CoinDesk

Written with AI from the sources above and checked against them before publishing. Here's how we work. This is news, not financial advice. Spotted a mistake? Tell us.

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