Fnality Raises $95M in Funding Round
London-based blockchain payments company, Fnality, has secured an additional $95 million in funding, with Goldman Sachs and BNP Paribas leading the round. Other participants included DTCC, Euroclear, Nomura, and WisdomTree, as well as several banks that previously supported Fnality in its 2019 funding round. These banks include Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, ING, Lloyds Banking Group, Nasdaq Ventures, State Street, Sumitomo Mitsui Banking Corporation, and UBS.
The news follows a report from September 2022 that revealed Fnality’s pursuit of a Series B round after hiring Broadhaven Capital Partners.
The Fnality Timeline
Fnality specializes in creating tokenized versions of fiat currency backed by cash held at central banks. It initially gained attention as a consortium of banks led by UBS with a focus on utilizing blockchain technology and tokenized assets to settle trades under the name Utility Settlement Coin (USC).
In September 2020, the project encountered regulatory approval delays. In April 2021, the Bank of England announced access to central bank money through omnibus accounts to support a greater range of payment systems. Fnality promptly applied for access.
In February 2022, the company conducted a proof-of-concept for issuing a tokenized security on Ethereum and tested its payment system. CEO Rhomaios Ram confirmed that they were on track to launch the payment system in October 2022.
Hot Take: Blockchain Payments Company Fnality Secures $95M in Funding
Fnality’s recent funding round highlights growing interest and investment in blockchain technology within the financial sector. With major financial institutions such as Goldman Sachs and BNP Paribas leading the round and participation from significant banks and companies across the industry, this demonstrates confidence in Fnality’s vision and approach to blockchain-based payments and settlements. The timeline of developments also underscores the company’s commitment to innovating within the rapidly evolving landscape of digital payments and tokenized assets.
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