Fnality, a London-based fintech firm, has raised $136 million in a Series C funding round to scale its regulated distributed ledger technology (DLT) based wholesale payment system. The investment was led by major financial institutions including WisdomTree, Bank of America, Citi, KBC Group, Temasek, and Tradeweb, with participation from existing backers such as Goldman Sachs, UBS, Santander, Euroclear, and Barclays.
This round brings Fnality's total funding to over $280 million since 2019, following a $95 million raise in 2023. The capital will be used to expand the operational footprint of the Sterling Fnality Payment System (FnPS), which launched in late 2023, and to develop similar systems for other major currencies like the euro and dollar.
The Sterling FnPS is backed 1:1 by funds at the Bank of England and was recognized by HM Treasury as a systemically important payment system before commencing live payments in December 2023. It enables real-time settlement for tokenized securities, foreign exchange, and repo transactions, reducing settlement times from days to instant.
Fnality's CEO, Michelle Neal, emphasized that the funding accelerates the journey toward a "hybrid future of global finance" by integrating decentralized finance efficiencies with traditional finance. Bank of America's Co-President, Jim DeMare, framed the investment as part of a broader modernization of institutional market structure.