UK-based blockchain payments startup Fnality has completed a $95 million funding round to further develop its wholesale payments network that connects traditional finance with digital assets. The Series B round was led by banking giants Goldman Sachs and BNP Paribas, with participation from major financial institutions like settlement houses DTCC and Euroclear, banks such as Nomura and WisdomTree, and early backers including Banco Santander, BNY Mellon, Barclays and UBS.
This latest injection of capital brings the total amount raised by Fnality to $132 million. The funds will be used to build out the company’s flagship Sterling payments network, which is poised to launch operations in 2023 after securing regulatory approval from the Bank of England.
Fnality aims to revolutionize wholesale payments by leveraging blockchain technology to create a round-the-clock real-time global payments network. This network will reduce friction and costs associated with settling, collateral management, and making cross-border, cross-currency payments. It will seamlessly connect mainstream finance with emerging digital asset markets.
The Bank of England previously indicated its support for innovative payment systems like Fnality’s by approving a new type of central bank account to service a wider range of expected payment networks, including those based on blockchain. Fnality’s investors are betting its blockchain approach will set the standard for the future of financial market infrastructure.
With the backing of major banks and settlement institutions, Fnality now has the funds to turn its vision into reality once it gets the green light from British regulators. The company’s success could unlock faster, cheaper payments that benefit institutions and their end clients.
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