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Fnality completes £78m fundraise

By Ross Henry Law

Blockchain payments firm Fnality International has concluded a £77.7 million Series B funding round led by Goldman Sachs and BNP Paribas.

Fnality said the funding will go towards the establishment of a “world-first” global liquidity management ecosystem which aims to facilitate new digital payment models in wholesale financial and emerging tokenised asset markets. .

The company, which was established in 2019 to develop regulated distribute ledger technology (DLT) based wholesale payment systems, said that the funding received to date has helped it demonstrate its abilities to provide real-time settlement of tokenised securities, real-time cross-border financial exchange swaps, and real-time repo transactions.

Fnality claimed that these capabilities have evidenced the “potential inherent in leveraging DLT to facilitate traditional financial activity and achieve faster, safer and more efficient exchange of value in global wholesale markets.”

The Series B funding round was also joined by DTCC, Euroclear, Nomura and WisdomTree and also featured additional investments from Series A investors including Santander, BNY Mellon, and Barclays.

"Our Series B funding round represents the financial sector’s desire for a central bank money backed blockchain-based settlement solution that bridges the gap between traditional finance and decentralised finance in wholesale markets,” said Fnality chief executive Rhomaios Ram. “Each Fnality Payment System utilises DLT to provide a 24/7 payment rail with the ability to reduce settlement cycles to real-time, while significantly improving intraday liquidity management and marking significant innovation in the speed, functionality, and resilience of wholesale payments.”

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