British bank Griffin, which serves as Uber's financial partner in the United Kingdom, has closed a Series B funding round totaling $20 million. The investment round was led by Octagon Partners, and the company's valuation following the deal exceeded $100 million.
The raised capital will be directed toward developing three key areas: stablecoin reserve management infrastructure, cross-border blockchain payment services, and the issuance of bank cards. This set of priorities reflects Griffin's strategic course toward bringing traditional banking and digital assets closer together.
The company obtained a full banking license in 2024, which allowed it to expand the range of regulated financial services it offers. To date, Griffin serves more than 80 companies, including Uber, and processes approximately 10 million payments annually.
Investor interest in Griffin confirms the growing demand for regulated stablecoin infrastructure in jurisdictions with strict oversight. The UK market, where tokenized settlements are becoming the subject of close regulatory scrutiny, is creating demand for players capable of combining a banking license with blockchain expertise.
Cryptalist Analysis: The raising of capital by a fully licensed bank underscores the shift in venture investment focus from purely cryptocurrency projects to hybrid financial institutions. Stablecoin reserve management and cross-border settlements are becoming a growth point for regulated banks, and Griffin is positioning itself as an infrastructure player in this segment. The success of the model will depend on the company's ability to scale its services amid tightening UK regulation of digital assets.