UK-based digital bank Griffin raised $20 million in a Series B round led by Octagon Partners, valuing the company at more than $100 million. Griffin said it plans to use the funding to add branded debit cards, with credit cards to follow, and to expand its stablecoin reserve services and add onchain cross-border payments. These are plans, not services announced as launched.
Griffin said its platform serves more than 300,000 retail and business customers through more than 80 companies. It said recurring revenue at its September fiscal year-end was 3.2 times the prior year’s level, based on unaudited accounts. Octagon managing partner Paraag Davé said he expects annual recurring revenue to exceed £10 million soon.
