Fnality secured a massive vote of confidence for the financial system’s plumbing. The $136 million Series C, led by Wall Street and European heavyweights, fuels its mission to build a regulated settlement layer that connects traditional finance (TradFi) markets with tokenized assets.
Summary
- Fnality raised $136m in a Series C round led by major Wall Street and European banks.
- Funding will scale its regulated Sterling Payment System and expand into more currencies.
- The company now has over $280m in total backing since 2019.
According to an announcement on Sept. 23, London-based Fnality raised the capital in a Series C funding round led by WisdomTree, Bank of America, Citi, KBC Group, Temasek and Tradeweb.
The raise also drew participation from Santander, Goldman Sachs, UBS, Euroclear, and other existing backers, and pushes Fnality’s total funding past $280 million since 2019. Per the statement, the fresh funding will be used to scale the operational footprint of the Sterling Fnality Payment System, which launched in late 2023 to allow wholescale transactions in digital assets backed 1:1 by funds at the Bank of England.
From pilots to plumbing: Fnality’s next phase
According to Fnality, its immediate focus is on expanding into additional major currencies, delivering tools for more efficient liquidity management, and creating interoperability with the growing universe of stablecoins and tokenized deposits.
The practical application of these initiatives is already being demonstrated through the live Sterling Fnality Payment System. Since its launch, the system has enabled various use cases, including the real-time settlement of tokenized securities via delivery versus payment, on-demand foreign exchange payment-versus-payment settlement, and real-time repo transactions, accelerating the evolution toward more integrated and liquid capital markets.
Bank of America’s Co-President Jim DeMare framed the deal as part of a broader modernization push. He said the bank views Fnality’s settlement model as a way to streamline institutional market structure, enabling trades to clear with greater speed and efficiency while laying a foundation for digital finance that can scale.
Fnality’s credibility is rooted in its regulatory standing. HM Treasury
recognized The Sterling FnPS as a systemically important payment system before it commenced controlled live payments in December 2023.
This designation paved the way for it to become the world’s first regulated DLT-based wholesale payment system. Its shareholder base includes Banco Santander, BNY Mellon, DTCC, Euroclear, Goldman Sachs, Nasdaq Ventures, and State Street, among others.
Source: https://crypto.news/fnality-raises-136m-scale-regulated-dlt-based-payment/
