Griffin, a London-based bank, has raised $20 million in a Series B funding round led by Octagon Partners, valuing the company at more than $100 million. The new capital is earmarked for an expansion into stablecoin payments, the bank said.
Octagon Partners Leads the Round
Octagon Partners led the Series B, according to the announcement. The investment firm's backing pushed Griffin's valuation past the $100 million mark, a figure that puts the London bank among the more valuable privately held financial technology firms in the UK capital. Griffin did not disclose the identities of other participants in the round.
The funding comes as established banks and newer entrants alike look for ways to connect traditional accounts with digital asset rails. Griffin, which operates as a bank, is positioning the new money to build out stablecoin payment services — a segment that has drawn interest from financial institutions seeking faster settlement and lower cross-border costs.
Stablecoin Payments in Focus
Stablecoins, digital tokens typically pegged to a fiat currency such as the dollar or pound, have moved from the margins of crypto into mainstream payment discussions. For a bank like Griffin, offering stablecoin payment capabilities could mean providing corporate clients with a way to move money across borders without relying solely on correspondent banking networks.
The bank hasn't said which stablecoins it will support, which markets it will target first, or when the service will go live. Those details are likely to matter to prospective clients and to regulators, who have been tightening their oversight of stablecoin issuers and the firms that handle them.
Griffin's plan also raises questions about how a UK-chartered bank will manage the compliance side of stablecoin flows. The bank hasn't publicly outlined its approach to reserve backing, custody, or anti-money-laundering checks for the new payment service.
A London Bank Betting on Digital Rails
London has become a crowded field for financial technology firms trying to bridge conventional banking and digital assets. Griffin's move adds another name to that list, though the bank is betting that its status as a bank — rather than a payments company or an exchange — gives it an edge with clients who want regulated counterparties.
The $20 million raise is modest by the standards of some fintech rounds, but the valuation above $100 million suggests investors see room for growth in Griffin's niche. Octagon Partners' decision to lead the round signals conviction in the bank's stablecoin strategy, even as the regulatory picture for digital assets in the UK continues to take shape.
What Comes Next for Griffin
Griffin hasn't set a public timetable for the stablecoin payments rollout. The bank also hasn't said whether it will seek additional licenses or partnerships to support the service, or how quickly it plans to hire for the expansion.
For now, the Series B gives Griffin capital to build. The next milestones — a product launch, regulatory approvals, or named clients — will show whether the bank can turn its stablecoin ambitions into a working payments business.
