- Fnality, a UK-based blockchain payments firm, secures £77.7 million in a Series B funding round led by Goldman Sachs and BNP Paribas.
- Series B sees participation from Series A investors like BNY Mellon, UBS, Nasdaq Ventures, and State Street.
- New investors in the round include DTCC, Euroclear, Nomura, and WisdomTree, bringing Fnality’s total capital raised to £132.7 million.
- Founded in 2019, Fnality aims to create a digital cash system for financial market and tokenized asset transactions, formerly known as the utility settlement coin (USC) project.
- Fnality Payment System (FnPS) employs a central bank digital currency (CBDC) asset for near-instant settlement in wholesale payments.
- The fresh capital will be used to launch initial Sterling Fnality Payment System (£FnPS) operations by year-end, pending regulatory approval.
- Previous engagements include a proof of concept with NatWest and Santander, conducting a cross-chain pilot debt transaction on the Ethereum blockchain in February 2022.
- FnPS has been tested in tokenized securities settlement, cross-border FX swaps, and repo transactions, showcasing innovation in wholesale payments’ speed, functionality, and resilience.
- Rhomaios Ram, CEO of Fnality International, highlights the Series B result as a reflection of the sector’s demand for a central bank money-backed, blockchain-based settlement solution
UK fintech Fnality raises £77.7m in Goldman Sachs and BNP Paribas-led Series B
