Fnality, a London-based company specializing in blockchain payments, has secured $136 million through a series C funding round. The firm announced the success of the strategic fundraising event via an official blog post on Tuesday.
Furthermore, Fnality said some of the biggest investment firms participated in the event. As revealed, big names like Bank of America, Citi, KBC Group, Temasek, Tradeweb, and WisdomTree led the round.
Likewise, other financial institutions that participated include Goldman Sachs, Santander, Barclays, and UBS. Leveraging the new funds, the blockchain payment service provider intends to expand into the US and EU markets.
As part of the long-term focus, Fnality emphasized its commitment to operating in the key markets within regulatory stipulations. According to the CEO of Fnality, Michelle Neal the latest funding round illustrates how the future of finance demands a new foundation.
She mentioned that the blockchain payment firm has settlement systems that provide round-the-clock payment services, real-time settlement, and improved liquidity. Echoing the words of Fnality ‘s CEO is Citi’s head of digital strategy, Deepak Mehra stated that the project is in line with the bank’s focus to design more efficient and interoperable payment platforms for virtual currencies.
How Fnality raised $95 million in 2023
It is worth mentioning that the funding round emanated shortly after Fnality unveiled a payment system in the United Kingdom built around the pound. The project, according to the company, is aimed at modernizing wholesale payments using blockchain infrastructures connected to central bank reserves.
Also, in 2023, the company raised $95 million through a funding round led by Goldman Sachs and BNP Paribas. Other investment firms like Nomura, Euroclear, DTCC, and WisdomTree all participated.
The firm made its market debut in 2019 as a USB-led blockchain project with the target to design the virtual versions of popular fiat currencies for institutional payment and transactions. At the moment, Fnality is making a name for itself with its native distributed ledger technology that simplifies wholesale payments, cross-currency transactions, and tokenized securities settlement.
As indicated, the company is committed to connecting the traditional finance and tokenized markets and also improving liquidity and reducing settlement risks.