Fnality International, a London, UK-based provider of DLT-based wholesale payment systems, raised £77M in Series B funding.
The round was led by Goldman Sachs and BNP Paribas, with participation from 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. It followed a follows Series A of £55M in June 2019.
The company intends to use the funds to continue progress towards the establishment of a global liquidity management ecosystem that empowers new digital payment models in both wholesale financial markets and emerging tokenised asset markets.
Led by Rhomaios Ram, CEO, Fnality develops DLT-based wholesale payment systems in key jurisdictions, each overseen by its home central bank. In each Fnality Payment System (FnPS), participants use settlement balances in an account directly at the central bank to make wholesale payments in real-time, which are bankruptcy remote and backed 1-to-1 by central bank money in the relevant currency. FnPS offers banks a system for managing digital payments, and supports the growing industry adoption of tokenised assets and marketplaces.
Several landmark proofs of concept have already demonstrated many of these capabilities, including for real-time settlement of tokenised securities, real-time cross-border FX swaps, and real-time repo transactions, each of which evidences the potential inherent in leveraging distributed ledger technology (DLT) to facilitate traditional financial activity and achieve faster, safer and more efficient exchange of value in global wholesale markets.
The culmination of this latest round brings Fnality’s total capital raised to £132.7m as it readies for the commencement of initial Sterling Fnality Payment System (£FnPS) operations in 2023, subject to regulatory approval.
FinSMEs
14/11/2023