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UK bank Griffin, which powers Uber's driver accounts, raises $20 million to push into stablecoins
⚪NeutralA small funding round for a bank adding stablecoin services; it is not tied to any one coin.News sentiment, not financial advice. It reflects the likely impact of this news, not a price prediction.
Summary
London-based Griffin raised $20 million in a Series B round led by Octagon Partners that valued the bank at more than $100 million, Cointelegraph and CoinDesk reported.
The money will fund expansion into card issuance and stablecoin services, including its stablecoin reserve services and new onchain cross-border payments, according to a Thursday press release cited by Cointelegraph.
Griffin says its platform serves more than 300,000 retail and business customers through more than 80 companies, including Uber, which uses it to give UK drivers bank accounts.
The bank received its UK banking license in March 2024.
Key facts
- Cointelegraph: Griffin plans to let companies offer branded retail and corporate debit cards, with credit cards to follow.
- Cointelegraph: Griffin said recurring revenue at its September fiscal year-end was 3.2 times the prior year's level, based on unaudited accounts.
- Octagon managing partner Paraag Davé said he expects Griffin's annual recurring revenue to exceed 10 million British pounds soon.
- CoinDesk: the Series B was led by Octagon Partners and valued the company at more than $100 million.