UK bank Griffin raises $20 million to expand into stablecoin payments

U.K. bank Griffin has raised $20 million to expand into stablecoins as traditional finance-focused companies increasingly look to bridge from conventional banking to blockchain-based payments.

The Series B funding round, led by Octagon Partners with participation from Notion Capital, A+ Ventures, Nordic Ninja and Breega, valued the London-based company at more than $100 million, according to an announcement on Thursday.

Griffin will use the funding to develop reserve services for businesses to incorporate stablecoins and enable onchain cross-border payments on its banking platform.

Fintech companies would therefore be able to access conventional banking services alongside onchain payment rails through a single provider, reflecting demand from some of its existing customers that already use stablecoins as part of their cross-border payments business.

Griffin, which received a full U.K. banking license in 2024, provides banking infrastructure for more than 80 companies, including Uber and reward cards platform Yonder.