Fnality completes $136 million Series C funding round, led by Temasek, Citibank, and others

BlockBeats News, September 23, according to The Block, UK blockchain startup Fnality has raised $136 million in a Series C funding round. The round was led by WisdomTree, Bank of America, Citibank, KBC Group, Temasek, and Tradeweb, aiming to expand its global settlement network for banks and tokenized assets.

This London-based company operates a wholesale payment system regulated by central banks and launched the pound sterling Fnality Payment System (£FnPS) in December 2023. Fnality’s system allows banks to settle digital asset transactions using funds backed 1:1 by the Bank of England, providing real-time payment rails for tokenized bonds, equities, and repo transactions. With this new funding, Fnality plans to expand to other major currencies, build liquidity tools, on-chain workflows, and interoperability with stablecoins and tokenized deposits, according to the company.

Fnality raised $95 million in a 2023 funding round led by Goldman Sachs and BNP Paribas, and about $67 million in 2019 to develop what eventually evolved into Fnality’s Utility Settlement Coin. Including today’s funding, the company has raised over $280 million to date.