Fnality International raises £77.7m for payment system launch

Fnality Goldman Sachs BNP ParibasFintech firm Fnality has raised £77.7 million in its series B funding round for the commencement of its initial Sterling Fnality payment system operations, led by Goldman Sachs and BNP Paribas.

The latest round brought the firm's total capital raised to £132.7 million for the launch of its payment system operations in 2023, subject to approval. The funding also witnessed participation from DTCC, Euroclear, Nomura and WisdomTree.

The funding will help establish the “world-first” global liquidity management ecosystem empowering digital payment models in wholesale financial markets and emerging tokenised asset markets, said the firm.

Proofs of concept have showcased various capabilities, such as real-time settlement of tokenised securities, cross-border FX swaps, and repo transactions. These demonstrations underscore the potential of utilising distributed ledger technology (DLT) to enhance traditional financial activities, enabling “faster, safer, and more efficient value exchange in global wholesale markets".

There were also additional investments from series A investors Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, ING, Lloyds Banking Group, Nasdaq Ventures, State Street, Sumitomo Mitsui Banking Corporation and UBS.

Rhomaios Ram, CEO of Fnality International, said: "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.”

Mathew McDermott, global head of digital assets at Goldman Sachs, commented: “The application of blockchain technology offers a resilient way for institutions to use central bank funds across a wide set of potential use cases, including instantaneous, cross-border, cross-currency payments, collateral mobility and security transactions.”

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