Griffin, The UK Bank Quietly Powering Uber And 80 Fintechs, Bags $20M For Stablecoins

Griffin, the UK bank that runs the banking behind more than 80 fintechs and platforms including Uber, has raised $20 million at a valuation above $100 million to add debit cards and stablecoin payments.

Key Takeaways

• Octagon Partners led the $20 million Series B, which values Griffin at more than $100 million
• More than 80 companies build on Griffin, serving over 300,000 customers and nearly 10 million payments a year
• Griffin says recurring revenue grew 3.2 times in the year to September, based on unaudited accounts
• The money pays for branded debit cards, a credit card after that, and stablecoin reserve and cross-border payment services

Griffin announced the round on Thursday. Octagon Partners led it, with Notion Capital, A+ Ventures, Nordic Ninja, Breega and other existing investors joining. Griffin says the money should carry it through to profitability.

The Bank Behind Other Companies’ Accounts

Griffin became a fully licensed UK bank two years ago. Instead of selling accounts to the public, it lets fintechs and platforms offer bank accounts and payments under their own brand. It started with five test customers and now powers more than 80, including Uber, Countingup, Anna Money, Yonder and Prosper.

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Cards And Stablecoins Come Next

Griffin’s partners will be able to launch their own branded debit cards for shoppers and businesses, with a credit card to follow. On stablecoins, it plans to hold reserves for companies that issue or use them and add blockchain-based payments across borders.

“Cards and stablecoins are the natural next layer for our infrastructure,” said CEO and co-founder David Jarvis. Paraag Davé of Octagon said Griffin will shortly pass double-digit millions of pounds in annual recurring revenue.

What To Keep In Mind

Griffin’s 3.2 times growth figure comes from unaudited accounts and could change after its audit. It has not given launch dates for the cards or stablecoin services, or named which stablecoins it will support.

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