Fnality, a blockchain payments firm based in London, has successfully raised $136 million in a Series C funding round led by several major financial institutions.
The round was spearheaded by Bank of America, Citi, KBC Group, Temasek, Tradeweb, and WisdomTree, with participation from returning investors such as Goldman Sachs, Santander, Barclays, and UBS, as stated in a company announcement on Tuesday.
Fnality CEO Michelle Neal remarked, “The closure of our Series C signifies a collective belief that the future of money requires a new foundation.” She noted that the company’s blockchain-based settlement systems provide “24/7 payment rails, real-time settlement, and increased liquidity.”
Last year, Fnality introduced its sterling-denominated Fnality Payment System in the UK and is focused on enhancing wholesale payments through a blockchain framework linked to central bank reserves. The newly acquired funds will facilitate Fnality’s expansion into the US dollar and euro markets, subject to regulatory approvals.
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Fnality connects TradFi and tokenized markets through DLT
Fnality employs distributed ledger technology to streamline institutional settlements, allowing for real-time repo, tokenized securities settlements, and cross-currency payments. The aim is to bridge traditional finance with tokenized markets while enhancing liquidity and mitigating settlement risks.
WisdomTree CEO Jonathan Steinberg labeled Fnality’s platform as a “critical foundation” for tokenized finance. “Our investment in Fnality demonstrates our goal to engage directly with the rapidly expanding tokenized markets,” Steinberg added.
According to Deepak Mehra, Citi’s head of digital strategy, Fnality is in line with the bank’s initiative to establish more efficient, interoperable payment systems for digital assets.
This year, Fnality secured $95 million in a funding round led by Goldman Sachs and BNP Paribas, with contributions from Euroclear, DTCC, WisdomTree, and existing supporter Nomura.
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Google introduces AI payment protocol with stablecoin capabilities
Fnality’s recent funding comes amid rising interest in crypto payment systems. Recently, Google launched an open-source protocol allowing AI applications to process payments, including stablecoin transactions, in partnership with Coinbase, Salesforce, American Express, and over 60 other collaborators.
This system is designed to integrate traditional payment infrastructures alongside emerging crypto solutions, highlighting the increasing reliance on dollar-pegged stablecoins in AI-enhanced applications.
Additionally, SBI Shinsei Bank has teamed up with Singapore’s Partior and Japan’s DeCurret DCP to investigate multicurrency tokenized deposits for cross-border settlements. The three parties signed a memorandum of understanding to establish a blockchain-based framework enabling real-time clearing across different currencies.
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