Griffin Bank Raises $20 Million for Stablecoin Services
The British financial institution partnering with Uber aims to expand cross-border on-chain payments and digital asset reserves.
British digital bank Griffin has secured $20 million in a Series B funding round. The operation was led by Octagon Partners and pushed the company's market valuation above $100 million.
Funds will be directed toward developing services for stablecoin reserves and international payments executed directly on-chain. The institution also plans to broaden its offerings to include debit and credit card issuance for corporate partners.
Currently, the Griffin platform serves over 300,000 corporate and retail clients through 80 companies. Among these clients is Uber, which utilizes the banking infrastructure to provide accounts for its drivers in the United Kingdom.
The company obtained its British banking license in March 2024. Unaudited data shows that recurring revenue at the end of the fiscal year in September was 3.2 times higher than the figure recorded in the previous period.
The progress of regulated institutions in digital asset services expands the infrastructure needed for stablecoin integration into the traditional financial system. This may facilitate the adoption of faster and more efficient global payments for businesses and end users.
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