Fnality, a fintech company that builds tokenized versions of larger currencies, which are the security of cash held in Central Banks, has collected $ 136 million in a series C-round to expand its blockchain-based wholesale payment systems, the London-based company said on Tuesday.
The investment was led by Wisdomtree, Bank of America, Citi, KBC Group, Themasek and TradeWeb, with existing backers, including Goldman Sachs, UBS and Barclays, also participates.
Fnality raised $ 95 million in 2023, a round led by Goldman and GDP Paribas. The company’s settlement infrastructure runs on distributed headbox technology and makes it possible to process sterling payments on the chain with the central bank’s money.
The new capital goes towards rolling similar systems in other currencies, improving liquidity management tools and supporting the running of tokenized assets such as securities and stablecoins, according to a press release.
The company’s offering enables real-time transmission of trades, delivery-to-payment for digital securities and payment-against-payment for foreign currency. For banks, it can mean fewer intermediaries, faster settlement and more efficient use of capital. For example, a repo trade that typically takes a day to run can close immediately, release cash to other transactions.
Fnality CEO Michelle Neal said the funding marks a step towards “a hybrid future for global funding” where traditional institutions interact with decentralized markets. Backmen like WisdomTree and Bank of America framed the investment as part of a wider shift to modernize financial infrastructure for tokenized assets.
