TLDR:
- Fnality raised $136M in Series C funding to grow its tokenized settlement network and expand into new currencies.
- Lead investors include WisdomTree, Bank of America, Citi, Temasek, and Tradeweb, with 11 other major banks joining.
- Funds will support real-time settlement, liquidity management tools, and on-chain repo and FX solutions.
- Fnality’s network connects traditional finance with tokenized markets through regulated, central bank-backed payment systems.
The race to modernize payments just got faster. Fnality has locked in $136 million to build out its tokenized settlement network. The company says the cash will help connect traditional finance with on-chain money flows.
Investors from major banks and fintech players are backing the move. This step is aimed at bridging regulated money with tokenized markets and faster settlement rails.
Fnality Funding Round Brings Major Bank Backing
Fnality confirmed the Series C round in a release on September 23. The round brought together new backers including WisdomTree, Bank of America, Citi, KBC Group, Temasek, and Tradeweb. They were joined by existing investors such as Goldman Sachs, UBS, Barclays, State Street, and Nasdaq Ventures.
The company plans to use the funds to expand beyond the UK Sterling Fnality Payment System launched in late 2023. The goal is to add more currencies and support global liquidity solutions.
Fnality stated the investment would accelerate work on real-time settlement of tokenized assets, FX payment-versus-payment solutions, and on-demand repo transactions. The company sees its system as a bridge for institutions looking for secure on-ledger payments tied to central bank money.
CEO Michelle Neal said the raise shows confidence in building a new layer for wholesale payments. She emphasized that 24/7 settlement rails and better liquidity tools are key to preparing markets for tokenization.
Expanding Tokenized Settlement Network
The network aims to deliver interoperability for tokenized deposits, stablecoins, and on-chain securities. By connecting to central bank reserves, Fnality offers participants reduced counterparty risk and faster clearing.
Citi’s Head of Digital Strategy, Deepak Mehra, said Fnality’s approach gives institutions a path toward more efficient market infrastructure. Tradeweb CEO Billy Hult added that on-ledger cash movement will unlock new ways to trade tokenized bonds.
WisdomTree founder Jonathan Steinberg said the company’s investment aligns with its push to move ETFs, gold, and dollar tokens onto blockchain rails. He called the system a critical part of the future infrastructure of finance.
Fnality’s platform is expected to become a cornerstone for settlement in tokenized markets as more institutions adopt blockchain-based systems. The firm’s backers say this creates a foundation for more integrated and liquid capital markets.
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Source: https://blockonomi.com/big-banks-pour-136m-into-fnality-to-push-tokenized-payments-mainstream/