Blockchain payments company Fnality completes $136 million Series C funding round, led by WisdomTree

Fnality, a London-based blockchain payments company, recently announced the completion of a $136 million Series C funding round led by WisdomTree, with participation from several prominent institutions, including Bank of America, Citigroup, KBC Group, Temasek, and Tradeweb.

Existing shareholders Santander, Barclays, BNP Paribas, DTCC, Euroclear, Goldman Sachs, ING, Nasdaq, State Street, and UBS also participated, demonstrating continued market optimism about its business model and technological path.

Fnality is committed to building a regulated payment system based on central bank digital currencies (CBDCs) using distributed ledger technology (DLT), aiming to reshape the traditional wholesale payments ecosystem.

Current cross-border payment and settlement systems are plagued by inefficiencies, high costs, and lengthy processing cycles, particularly in cross-border funds transfers. Fnality's system aims to achieve near-real-time settlement capabilities, reduce counterparty risk, and improve liquidity efficiency, providing financial institutions with a more secure, transparent, and efficient payment infrastructure.

This round of financing will primarily be used to advance Fnality's presence in key global currency markets. The company plans to initially expand its existing British pound payment system to include US dollars and euros, tapping into the over $120 billion cross-border payments market.

This expansion will not only facilitate instant settlement channels across multiple currencies but also lay the foundation for future access to additional fiat currencies. Fnality's vision is to become a key payment tool for global financial institutions in the digital currency era, leveraging blockchain technology to drive the evolution of financial infrastructure towards greater openness, connectivity, and efficiency.

The success of this financing not only provides ample capital for its technological research and development and market expansion, but also reflects the growing confidence and engagement of traditional financial giants in the next-generation blockchain-based payment system.