This article covers a Series C funding round on 23 September 2025 at Fnality, the London-based operator of next-generation wholesale payment systems regulated by central banks, founded by Rhomaios Ram and Michelle Neal. It raised £99.7m in a round led by WisdomTree with Bank of America also participating.

What does Fnality do?

Fnality provides a regulated wholesale payments and settlement platform using distributed ledger technology for institutional markets. It enables real time 24/7 settlement and interoperability of tokenised assets and central bank money between financial institutions.

Why is Fnality useful?

Problem

Financial institutions struggle with slow, fragmented wholesale settlement that cannot support tokenised assets and 24/7 markets. This causes inefficient liquidity management, longer counterparty risk, and limited interoperability across payment systems.

Solution

Fnality explains that it provides a regulated, DLT-based global settlement network anchored in central bank money for real-time settlement. It enables 24/7 payments, improved liquidity management, and interoperable settlement for tokenised assets and payment-versus-payment transactions.

How much did Fnality raise?

Fnality raised £99.7m ($136m) in a Series C led by WisdomTree and Bank of America. This makes it the 3rd largest funding round in September 2025 (44 recorded). As of 23 September 2025, the round is the 18th largest of the year (451 total) in the Startupmag database.

For details on how Startupmag compiles its rankings, view our Methodology.

Who invested in Fnality?

Key investors in the round included the following institutions and firms.

WisdomTree: A US asset manager focused on ETFs and tokenised-asset products, including blockchain-based trading and settlement solutions.
Bank of America: A US multinational bank with institutional banking and markets operations that invests in financial market infrastructure and related technology.
Citi: A global bank with markets and securities services, investing in digital-asset and payments solutions for institutional clients.
KBC Group: A Belgian banking and insurance group investing in technologies that support financial market infrastructure and client services.
Temasek: A Singapore-based investment company with a diversified portfolio across financial services, technology and other sectors.
Tradeweb: An electronic trading marketplace operator that invests in market infrastructure and trading technology.
Banco Santander: A Spanish banking group active in corporate and institutional markets and investment in payments and market infrastructure projects.
Barclays: A UK bank with corporate and investment banking activities that invests in infrastructure and technology for institutional markets.
BNP Paribas: A French banking group with corporate and investment banking operations. Investments include Icon Solutions.
DTCC: A US post-trade market infrastructure provider offering clearing, settlement and related services for financial markets.
Euroclear: A Belgium-based securities settlement system operator providing post-trade services for international securities markets.
Goldman Sachs: A US investment bank and asset manager active in markets and technology investments. Investments include Dealstack.
ING: A Dutch bank providing wholesale banking and markets services, investing in digital market and payment solutions.
Nasdaq Ventures: The corporate venture arm of Nasdaq, investing in market infrastructure, data and fintech startups.
State Street: A US financial services firm specialising in custody, asset servicing and investment management for institutional clients.
UBS: A Swiss global wealth manager and investment bank with involvement in capital markets and market infrastructure initiatives.

In the funding announcement, Jonathan Steinberg from WisdomTree said:

Our investment in Fnality reflects our ambition to plug directly into the rapidly growing tokenized markets. At WisdomTree, we have been pioneers in blockchain-based finance with the launch of WisdomTree Prime® and WisdomTree ConnectTM, bringing ETFs, U.S. Treasuries, gold, and dollar tokens onto blockchain rails to enable 24/7 settlement and programmable finance.

The investor said WisdomTree sees Fnality’s blockchain-based settlement systems, anchored in reserves held in central banks, as a critical foundation for that vision and for the future infrastructure of financial services.

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Who founded Fnality?

The founders of Fnality are Rhomaios Ram and Michelle Neal.

In the funding announcement, Michelle Neal, CEO of Fnality International said:

The closing of our Series C reflects a shared conviction that the future of money demands a new foundation, one with Fnality at its core. Our blockchain-based settlement systems, anchored in the credit quality of central bank money, connect traditional finance with the fast adoption of tokenized and decentralized markets.

The company said the platform offers 24/7 payment rails, real-time settlement and enhanced liquidity management, and that the investment will accelerate its development of a more resilient and inclusive hybrid financial market infrastructure.

Where is Fnality based?

Fnality is based in London, UK.

What sector is Fnality in?

Fnality operates in the Web 3 sector. This sector focuses on decentralised digital technologies such as blockchain and tokenised assets. In simple terms, it helps move and record value faster and more securely.

Key trends and challenges in Wholesale payments and digital asset settlement:

DLT and real-time settlement

Markets are moving to 24/7, near-instant settlement for tokenised securities, replacing slower T+2 processes.

Interoperability and liquidity management

Systems must connect legacy infrastructure with token rails, preventing fragmented liquidity for multi-currency trades.

Regulatory alignment and central bank integration

Regulators and central banks need clear rules for reserve backing, anti-money laundering, and central bank digital currencies.

For a deeper look at innovation in this space, see the latest funded Fintech startups in the UK

They've invested in Fnality

Get to know these Fintech investors

#	Investor	Activity	Team
1	WisdomTree	1 investment(s) investment(s)	more info
2	Bank of America	3 investment(s) investment(s)	more info
3	Citi	11 investment(s) investment(s)	more info
4	Temasek	4 investment(s) investment(s)	more info
5	Banco Santander	1 investment(s) investment(s)	more info
6	Barclays	8 investment(s) investment(s)	more info
7	BNP Paribas	3 investment(s) investment(s)	more info
8	DTCC	2 investment(s) investment(s)	more info