Fnality Raises $136 Million for “New Foundation” of Payments

Distributed Ledger Technology-based payment systems provider Fnality has closed a $136 million Series C funding round, led by Wisdom Tree, Bank of America, Citi, KBC Group, Temasek and Tradeweb, representing “a significant milestone” for the business.

Fnality is seeking to build a global settlement infrastructure powered by DLT, and launched its Sterling system in December 2023. It says it is planning to extend its network to other currencies, “delivering solutions that optimise liquidity management, and facilitating the emerging payment ecosystem by providing settlement interoperability for innovations such as stablecoins and tokenised deposits”.

“The closing of our Series C reflects a shared conviction that the future of money demands a new foundation, one with Fnality at its core,” says Michelle Neal, CEO of Fnality International. “Our blockchain-based settlement systems, anchored in the credit quality of central bank money, connect traditional finance with the fast adoption of tokenised and decentralised markets.

“With 24/7 payment rails, real-time settlement, and enhanced liquidity management, we’re not just modernising wholesale payments, we’re building a future that fuses decentralised finance’s operational optimisation with traditional finance’s capital efficiency,” she continues. “This investment accelerates our journey toward a financial market infrastructure that is more resilient, more inclusive, and ready for the hybrid future of global finance.”  

Jim DeMare, co-president of Bank of America, adds, “This partnership is an important milestone in the digitisation of institutional markets.  By embracing new technological solutions, we can modernise the market structure and build a foundation for institutions to operate with greater speed and efficiency.”

Noting that having wholesale payment rails integrated into existing workflows is a critical factor in building out market infrastructure, Billy Hult, CEO at Tradeweb, says, “By enabling central bank-backed cash to move on-ledger any time, Fnality is unlocking the full potential of trading digital bonds and other tokenised securities – helping innovation in payments keep pace with innovation in the assets themselves.”