Fnality, an international consortium of banks aimed at developing a blockchain-based payment system to support the adoption of tokenized assets and marketplaces, has successfully raised $136 million in a notable show of confidence from its backers.
The Series C funding round was led by WisdomTree, Bank of America, Citi, KBC Group, Temasek, and Tradeweb. They were joined by existing investors such as Banco Santander, Barclays, BNP Paribas, DTCC, Euroclear, Goldman Sachs, ING, Nasdaq Ventures, State Street, and UBS.
In December 2023, the Sterling Fnality Payment System was launched in the UK, and ongoing strategic initiatives include expanding the network to support additional major currencies, improving liquidity management tools, and enabling settlement interoperability for innovations like stablecoins and tokenized deposits.
Michelle Neal, CEO of Fnality International, stated, “The closing of our Series C reflects a shared conviction that the future of money demands a new foundation. Our blockchain-based settlement systems, rooted in the credit quality of central bank money, link traditional finance with the rapid adoption of tokenized and decentralized markets. We’re not just modernizing wholesale payments; we’re creating a future that integrates decentralized finance’s operational efficiencies with traditional finance’s capital efficiency.”