Fnality secures £77.7m funding for blockchain-based payment system.
Fnality, the FinTech company that combines the safety and quality of central bank money with blockchain technology, has announced a £77.7m Series B funding round. The round was led by Goldman Sachs and BNP Paribas, with participation from several other major financial institutions. This latest funding brings Fnality's total capital raised to £132.7m as it prepares to launch its initial Sterling Fnality Payment System (FnPS) operations in 2023, subject to regulatory approval.
The funds raised in this round will be used to further develop Fnality's global liquidity management ecosystem, which aims to empower new digital payment models in wholesale financial markets and emerging tokenised asset markets.
The company plans to launch FnPS in key currencies, including USD, and achieve significant growth in its ecosystem and network. Fnality has already demonstrated the capabilities of its platform through various proofs of concept, such as real-time settlement of tokenised securities, cross-border FX swaps, and repo transactions.
Fnality's CEO, Rhomaios Ram, expressed the financial sector's desire for a central bank money-backed blockchain settlement solution that bridges the gap between traditional finance and decentralised finance. He emphasised the importance of reducing settlement cycles to real-time and improving intraday liquidity management. The investment from DTCC reflects the convergence of traditional and digital finance, as the company seeks to establish a robust digital infrastructure and drive the adoption of digital assets. BNP Paribas also highlighted its commitment to collaborating with innovative companies to offer solutions within the banking industry.
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