London-based blockchain payments firm Fnality has successfully raised $136 million in its Series C funding round, with participation from some of the world’s largest financial institutions, including Bank of America, Citi, KBC Group, Temasek, Tradeweb, and WisdomTree. Returning investors such as Goldman Sachs, Santander, Barclays, and UBS also joined the round.
Fnality’s CEO Michelle Neal highlighted that the investment underscores a growing belief in the need for a new foundation for the global financial system. She emphasized that the company’s blockchain-based settlement solutions provide 24/7 payment rails, real-time settlement, and enhanced liquidity.
Fnality launched its sterling-denominated payment system in the United Kingdom last year and plans to expand into US dollar and euro markets, pending regulatory approval. By leveraging distributed ledger technology (DLT), Fnality aims to streamline institutional settlements, supporting:
- Real-time repo transactions
- Tokenized securities settlement
- Cross-currency payments
This initiative is designed to connect traditional finance (TradFi) with tokenized markets, reduce settlement risks, and improve liquidity for global institutions.
Backing from Financial Giants
Institutional leaders see Fnality as a crucial player in the evolution of finance:
- Jonathan Steinberg, CEO of WisdomTree, described Fnality as a “critical foundation for tokenized finance,” noting its potential to directly integrate with fast-growing tokenized markets.
- Deepak Mehra, Citi’s Head of Digital Strategy, stated that Fnality aligns with Citi’s push toward more efficient and interoperable payment systems for digital assets.
Fnality’s funding momentum has been strong. In 2023, it raised $95 million in a round led by Goldman Sachs and BNP Paribas, with additional support from Euroclear, DTCC, and Nomura.
Broader Industry Context
Fnality’s latest fundraising coincides with a broader wave of innovation in blockchain and payment systems. Just last week, Google announced an open-source AI payment protocol developed in collaboration with Coinbase, Salesforce, American Express, and over 60 other partners. The system enables AI applications to send and receive payments, including stablecoin transactions, bridging traditional rails with crypto-powered solutions.
This reflects a growing shift where dollar-pegged stablecoins and DLT-based infrastructures are increasingly becoming part of mainstream financial operations.
Fnality’s $136 million Series C round reinforces the institutional adoption of blockchain-based payments. With backing from leading global banks and asset managers, Fnality is positioning itself as a cornerstone in the transition toward tokenized finance, enabling faster, more secure, and more liquid settlement systems worldwide.
Disclaimer
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