Fnality, a London-based FinTech startup, has announced a significant milestone in its journey, securing a £77.7 million Series B funding round.
According to Tech EU, this latest financial injection was spearheaded by prominent industry names, Goldman Sachs and BNP Paribas. Notably, the round also welcomed contributions from a consortium of other financial institutions, including DTCC, Euroclear, Nomura, and WisdomTree.
Additionally, continued support was seen from existing investors such as Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, ING, Lloyds Banking Group, Nasdaq Ventures, State Street, Sumitomo Mitsui Banking Corporation, and UBS.
Fnality stands out in the FinTech landscape with its innovative approach to financial transactions, employing blockchain technology to create a digital cash system. This system is designed to provide a more efficient and secure method of settling financial transactions, a move that resonates well with the ongoing digital transformation in the finance sector.
The newly acquired funds are earmarked for the development of a ground-breaking “global liquidity management ecosystem.” This ambitious project aims to bridge the gap between mainstream finance and the evolving world of digital finance. Fnality’s commitment to leveraging distributed ledger technology (DLT) is central to its strategy.
The company envisions its network revolutionising digital payments in both the wholesale financial markets and the burgeoning tokenised asset markets, promising enhancements in process efficiency, cost reduction, and regulatory compliance. Additionally, this initiative is poised to introduce new products and broaden market access.
Fnality CEO Rhomaios Ram shares his insights: “Our Series B funding round represents the financial sector’s desire for a central bank money-backed blockchain-based settlement solution that bridges the gap between traditional finance (TradFi) and decentralised finance (DeFi) in wholesale markets.
Each Fnality Payment System utilises DLT to provide a 24/7 payment rail with the ability to reduce settlement cycles to real-time, while significantly improving intraday liquidity management and marking significant innovation in the speed, functionality, and resilience of wholesale payments.”
To date, Fnality has raised an impressive total of £132.7 million, all secured before receiving approval from the Bank of England.
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