UK banking infrastructure fintech Griffin has raised $20m in new funding, it said today, and is now valued at over $100m. The $20m Series B funding round was led by Octagon Partners with participation from Notion Capital, A+ Ventures, Nordic Ninja, Breega and other existing investors.
Griffin, whose CEO David Jarvis is a former Airbnb executive, has now raised around $95m in total.
Griffin is what is called a banking-as-a-service provider. It has a UK banking licence, which allows fintechs and businesses to offer banking services to their customers without them having to acquire the necessary banking licences.
Its tech allows companies to integrate bank accounts and payments into their own apps and platforms, as well as offering services such as KYC and anti-money-laundering. It says that since launching as a licenced bank two years ago, more than 80 companies are building on its infrastructure, including Uber.
The London-based fintech says it will use the funds to expand its suite of banking services, such as card issuing and stablecoin services. The funds, it says, will also help steer the UK fintech through to making a full-year profit.
Jarvis, CEO and co-founder, Griffin, said: “This round lets us go further: cards and stablecoins are the natural next layer for our infrastructure, and the response from investors so far reflects the scale of the opportunity ahead of us. We’re delighted to have Octagon leading this round alongside our existing investors."
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