UK Bank Griffin Raises $20M at $100M-Plus Valuation to Build Stablecoin Services

Griffin, a UK-licensed bank, has raised $20 million at a valuation above $100 million to build out stablecoin services, bringing its total funding to nearly $95 million, the company announced.

The Cambridge-based bank will deploy the capital on two fronts. The first is card issuing, where Griffin plans branded debit and credit card products. The second is its stablecoin push, which splits into two parts: reserve services for companies that issue or handle stablecoins, and onchain payment rails for moving money across borders.

Who is Griffin, and what does it already run?

Griffin is not a pre-revenue venture betting on a thesis. The bank already supports more than 80 companies, including Uber, and serves over 300,000 end customers through its banking-as-a-service infrastructure.

It processes nearly 10 million payments each year. Recurring revenue grew 3.2x year-on-year as of September 2026, according to the company.

The regulatory foundation came first. Griffin received its full UK banking license from the Prudential Regulation Authority in March 2024, giving it the prudential standing that stablecoin issuers and fintech infrastructure clients typically cannot claim on their own.

The company also plans to apply for a US banking license in 2027, which would extend its regulated footprint to the world's largest stablecoin market.

Why does a licensed bank want stablecoin business?

Griffin's move reflects a broader blurring between traditional banking and blockchain-based finance. Rather than competing with stablecoin companies, the bank wants to become the regulated partner that holds their money and moves their payments.

That positioning fits its existing model. Griffin already sells infrastructure to fintechs — custody of client funds, payment processing, compliance rails — so selling infrastructure to stablecoin firms is an adjacent step rather than a pivot into crypto itself.

For stablecoin issuers, the operational logic is straightforward: holding reserves at a fully licensed bank addresses the custody and bankruptcy-remoteness questions that have dogged the sector since the collapse of Silvergate and Signature, the two US banks that once served most of the industry's payment needs.

What changes for the market?

The raise signals that investors see regulated banking infrastructure, not token issuance, as the durable business line in stablecoins. Griffin's valuation above $100 million rests on existing revenue — recurring income growing 3.2x annually — rather than projected stablecoin volumes.

The card-issuing plan adds a second leg. Branded debit and credit cards would let Griffin's fintech and stablecoin clients reach everyday consumer payments, connecting onchain balances to point-of-sale spending.

The company's US license application in 2027 marks the next fixed milestone; whether American regulators admit a UK-chartered digital-asset-friendly bank into the market will shape how quickly its stablecoin reserve and payments business can scale.