Rhomaios Ram/Fnality
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Wall Street firms line up for Fnality’s £77m Series B to bring blockchain and tokenisation to capital markets
Goldman Sachs and BNP Paribas led Fnality the round, its first new funding since 2019
Fnality International, a UK financial infrastructure fintech, has raised £77.7m in its Series B funding round.
Investors in the round included some of the biggest banks and financial services companies in the round. This included lead investors Goldman Sachs and BNP Paribas, round DTCC, Euroclear, Nomura and WisdomTree.
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.
Fnality, which last raised cash back in June 2019 with a £55m Series A, is set to launch its Sterling Fnality Payment System operations this year. Its ultimate goal is to bring real-time settlement of tokenised securities, real-time cross-border FX swaps, and real-time repo transactions.
The move is one that has long excited those sceptical of crypto but bullish on the potential for distributed ledger technology (DLT) to underpin a variety of traditional financial activities at scale in global wholesale markets.
Fnality says it brings “the safety and institutional quality of central bank money with the innovative functionality and resilience of blockchain technology” to transform payments, settlement, and collateral management in global markets.
This, it adds, can streamline complex processes, reduce costs, and ensure regulatory compliance.
"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 (TradFi) and decentralised finance (DeFi) in wholesale markets,” Rhomaios Ram, CEO of Fnality International, said.
“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,” he added.
