Griffin, a UK bank that also provides banking infrastructure, has raised a $20 million Series B led by Octagon Partners, at a valuation above $100 million.
Notion Capital, A+ Ventures, Nordic Ninja and Breega, all existing backers, took part in the round, along with other existing investors that were not named. Griffin announced the raise on November 12.
The company plans to use the funding to expand its banking platform into retail and corporate debit cards, followed by credit cards. It also intends to add stablecoin reserve services and on-chain cross-border payments, and to support its path to profitability.
The stablecoin and on-chain payment features are planned extensions rather than live products, and the announcement does not say how much of the round is allocated to them. Signing, closing and disbursement dates were not disclosed.
For enterprise blockchain adoption, the round is investment toward eventual use: a UK bank backing stablecoin reserve and on-chain payment services before any of them have launched.