Fnality Secures £77.7 Million in Series B Funding Led by Goldman Sachs, Aims to Transform Digital Payments with Blockchain #
Fnality, a UK-based blockchain firm specializing in wholesale payments, has successfully secured 77.7 million pounds ($95.09 million) in its second funding round. This round saw substantial backing from prominent financial institutions like Goldman Sachs and BNP Paribas, alongside contributions from settlement houses such as DTCC and Euroclear, and firms like Nomura and WisdomTree. The company aims to revolutionize financial markets by developing a unique, round-the-clock global liquidity management network, which will support new digital payment models in both wholesale financial markets and the burgeoning tokenised asset markets.
Goldman Sachs' global head of digital assets, Mathew McDermott, highlighted Fnality’s innovative use of blockchain technology, noting its potential for enabling secure, instantaneous cross-border and cross-currency payments, as well as enhancing collateral mobility and security transactions. Additionally, the funding round also drew investments from original backers, including major banks and financial institutions like Banco Santander, BNY Mellon, and Barclays.
Having raised 55 million pounds in its first funding round in June 2019, Fnality’s total capital now stands at 132.7 million pounds. The company is poised to launch the Sterling Fnality Payment System operations in 2023, pending regulatory approval from the Bank of England, which has been adapting to new payment systems including those based on blockchain technology.